#558: The Wealthy Lawyer: Practical Financial Strategies for Legal Professionals with Darren Wurz
Unlock valuable insights for your legal practice and personal finances in this engaging episode. First, Zack explores the cutting edge of AI with Tanguy Chau from Paxton.ai, revealing how their innovative AI assistant is specifically built to streamline the often-daunting task of drafting legal documents. Discover the power of their multi-step modular process, designed to provide you with more coherent and relevant output, ultimately saving you time and enhancing your efficiency.
Then, get ready to transform your financial outlook as Stephanie Everett speaks with Darren Wurz about financial planning and wealth building tailored specifically for lawyers. We delve into essential mindset shifts, helping you define your financial goals and overcome the common hesitations around financial planning. Learn practical strategies to effectively manage your cash flow, build safety nets, and consciously avoid the trap of lifestyle creep that can hinder your long-term wealth accumulation.
We also explore smart investment diversification beyond traditional retirement accounts and uncover valuable tax planning strategies to ensure you're making the most of your earnings. Learn the importance of building a reliable team of financial experts, providing you with peace of mind and allowing you to focus on what you do best – practicing law and growing your firm. Tune in to gain practical knowledge that can impact your practice and your financial well-being.
Listen to our other episode about your firm’s finances:
KPIs for Lawyers: Measuring Your Law Firm’s Financial Health with Bernadette Harris Apple Podcast | Spotify | Lawyerist
Overcoming Personal Financial Struggles as a Lawyer, with Rho Thomas Apple Podcast | Spotify | Lawyerist
Healthy Profits: Understanding the Story Your Numbers Tell, with Bernadette Harris Apple Podcast | Spotify | Lawyerist
Have thoughts about today’s episode? Join the conversation on LinkedIn, Facebook, Instagram, and X!
If today's podcast resonates with you and you haven't read The Small Firm Roadmap Revisited yet, get the first chapter right now for free! Looking for help beyond the book? See if our coaching community is right for you.
Access more resources from Lawyerist at lawyerist.com.
Links from the episode:
Paxton.ai
Chapters/Timestamps:
00:00 - Introduction
00:20 - AI Prompt Tips with Zack Glaser and Stephanie Everett
06:22 - Sponsor Guest: Tanguy Chau from Paxton.ai on AI for Legal Document Drafting
18:12 - Financial Planning and Wealth Building for Lawyers
19:35 - Money Mindset and Defining "Enough"
21:42 - Overcoming Financial Hesitancy and Fear
24:38 - Importance of Cash Flow Management
30:34 - Diversification of Investments Beyond Traditional Retirement Accounts
33:08 - Tax Strategies and Planning for Business Owners
40:00 - Building a Team of Financial Experts
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41:51
#557: KPIs for Lawyers: Measuring Your Law Firm's Financial Health with Bernadette Harris
Unlock a clearer view of your law firm's financial health in the latest Lawyerist Podcast. Join host Stephanie Everett as she dives into the essential key performance indicators (KPIs) that can transform how you understand your practice, guided by the expert insights of Bernadette Harris, Lawyerist Lab's finance coach.
You'll gain practical knowledge about five crucial areas that directly impact your firm's success. Understand your net profit margin like never before – not just the surface numbers, but the true profitability that informs your strategic decisions. Explore utilization rate and discover how to optimize your team's time for maximum productivity. Learn the critical importance of your realization rate and practical steps to ensure you're capturing the revenue you've earned. See how mastering AR aging can directly impact your cash flow and create financial stability. Plus, uncover the strategic advantage of understanding your revenue by practice area, empowering you to make smarter choices about your firm's financial future.
For straightforward, actionable insights into these vital financial indicators – the kind that can immediately help you manage your law firm more effectively – tune in to hear Bernadette Harris share her expertise.
Listen to our other episode with Bernadette Harris:
#457: Healthy Profits: Understanding the Story Your Numbers Tell, with Bernadette Harris Apple Podcast | Spotify | Lawyerist
#523: Financial Red Flags: Are You Hiring Too Soon?, with Bernadette Harris Apple Podcast | Spotify | Lawyerist
#418: More Income, Fewer Taxes, with Bernadette Harris Apple Podcast | Spotify | Lawyerist
Have thoughts about today’s episode? Join the conversation on LinkedIn, Facebook, Instagram, and X!
If today's podcast resonates with you and you haven't read The Small Firm Roadmap Revisited yet, get the first chapter right now for free! Looking for help beyond the book? See if our coaching community is right for you.
Access more resources from Lawyerist at lawyerist.com.
Chapters:
(00:00) Introduction
(04:36) Diving into Key Performance Indicators (KPIs)
(06:38) Understanding Your Firm's Profitability: Net Profit Margin
(10:47) Optimizing Team Productivity: Utilization Rate
(15:51) Maximizing Revenue Collection: Realization Rate
(21:21) Improving Cash Flow: Managing AR Aging
(25:36) Strategic Insights: Revenue by Practice Area
(28:32) Working with a Financial Coach and a Special Announcement
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33:36
#556: Hidden Data: What Lawyers Need to Know About Digital Forensics, with Cole Popkin
Recorded live at the ABA Techshow, Zack Glaser interviews Cole Popkin, a digital forensics senior analyst at Proven Data, to shed light on the increasingly relevant field of digital forensics for legal professionals. Cole shares how understanding the basics of digital forensics can benefit lawyers in all practice areas, from litigation to transactional work and firm management.
Cole explains the types of information that can be recovered from digital devices, even after deletion, and addresses common misconceptions surrounding encryption. He also reveals the potential for unintentional data leaks and provides practical, actionable steps lawyers can take to enhance their digital security and protect client confidentiality.
You'll also hear Cole explain the direct relevance of digital forensics to specific legal scenarios, such as how deleted text messages and metadata analysis can be crucial in personal injury and family law cases.
So, join us for this episode, recorded live at the ABA Techshow, and get a realistic and accessible overview of digital forensics that will empower you to be more informed and secure in your use of technology, all without needing to become a forensics expert.
Listen to our other episode about data security:
#512: Tech Things You Should Know but Are Too Afraid To Ask, with Zack Glaser Apple Podcasts | Spotify | Lawyerist
#481: Getting Clients into the Cloud, with Laura Kaminski from ShareFile(Sponsored) Apple Podcasts | Spotify | Lawyerist
Have thoughts about today’s episode? Join the conversation on LinkedIn, Facebook, Instagram, and X!
If today's podcast resonates with you and you haven't read The Small Firm Roadmap Revisited yet, get the first chapter right now for free! Looking for help beyond the book? See if our coaching community is right for you.
Access more resources from Lawyerist at lawyerist.com.
Chapters:
0:00 - Introduction: Digital Forensics Beyond Litigation
3:08 - Real-World Applications: Building Timelines & Location Data
4:35 - The Unexpected Data in Your Car: Vehicle Forensics
6:33 - Uncovering Information on Phones: Beyond Text Messages
8:55 - Protecting Yourself and Your Clients: Security for Attorneys
11:57 - Surprising Discoveries: Height Analysis from Video & More
14:35 - The Evolution of Digital Forensics
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16:21
#555: How to Use AI and Universal Design to Empower Diverse Thinkers with Susan Tanner
What if the key to better legal work isn’t just smarter tools but more inclusive ones? Susan Tanner, Associate Professor at the University of Louisville Brandeis School of Law, joins Zack Glaser to explore how AI and universal design can improve legal education and law firm operations. Susan shares how tools like generative AI can support neurodiverse thinkers, enhance client communication, and reduce anxiety for students and professionals alike. They also discuss the importance of inclusive design in legal tech and how law firms can better support their teams by embracing different ways of thinking to build a more accessible, future-ready practice. The conversation emphasizes the need for educators and legal professionals to adapt to the evolving landscape of AI, ensuring that they leverage its capabilities to better serve their clients and students.
Links from the episode:
NetDocuments
NetDocuments Demo Request
Listen to our other episodes about diversifying learning strategies and the AI revolution:
#405: The Diverse Way People Think, with Temple Grandin: Apple Podcasts | Spotify | Lawyerist
#551: Becoming the AI Driven Leader, with Geoff Woods: Apple Podcasts | Spotify | Lawyerist
#550: Beyond Content: How AI is Changing Law Firm Marketing, with Gyi Tsakalaki and Conrad Saam: Apple Podcasts | Spotify | Lawyerist
Have thoughts about today’s episode? Join the conversation on LinkedIn, Facebook, Instagram, and X!
If today's podcast resonates with you and you haven't read The Small Firm Roadmap Revisited yet, get the first chapter right now for free! Looking for help beyond the book? See if our coaching community is right for you.
Access more resources from Lawyerist at lawyerist.com.
Chapters:
00:00 – Intro and Lawyerist's New Programs
03:50 – NetDocuments with Patric Thomas
10:49 – Meet Dr. Susan Tanner
12:30 – AI and Legal Ethics
13:30 – What is Universal Design for Learning?
20:59 – Applying Universal Design in Legal Practice
24:45 – Using AI to Support Diverse Thinkers
29:33 – AI as a Communication Partner
34:01 – Law Students and AI Adoption
38:04 – AI for Lawyer Productivity and Mental Health
44:00 – Enhancing Critical Thinking with AI
46:00 – Wrap-Up and Final Thoughts
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46:27
#554: Competence and Diligence in Light of Changing Laws and Regulations
Attorney Craig Dobson, an expert on ethics and professional responsibility, joins Stephanie Everett to talk about the ethical and professional responsibility concerns lawyers face in a rapidly evolving legal landscape. They discuss how solo and small firm attorneys can stay compliant while leveraging new tools, the importance of confidentiality and competence, and the fundamental need to maintain diligence in your practice. Craig and Stephanie examine alternative fee structures beyond just hourly billing and provide guidance on ethical practices around lawyer pricing models. Craig also shares how he’s approaching billing in his own practice and why lawyers need to be proactive about understanding the risks.
Read Craig’s article: Overview | Full Article
Additionally, Zack talks with Curtis, from MyCase and LawPay about their new product, Smart Spend, the LawPay Visa® Business Card is issued by Emprise Bank, pursuant to a license from Visa U.S.A., Inc.
Listen to our other episodes about ethics and alternative billing practices:
#350: Ethics in Your Business: It's More than Regulations, with Susan Liautaud Apple Podcasts | Spotify | Legal Talk Network
#488: The Power of Value-Based Pricing, with Shaun Jardine Apple Podcasts | Spotify | Lawyerist
#543: What Lawyers Need to Know About the Ethics of Using AI, with Hilary Gerzhoy Apple Podcasts | Spotify | Lawyerist
#547: Legal Tech You Need for Flat Fees, with Adriana Linares Apple Podcasts | Spotify | Lawyerist
Have thoughts about today’s episode? Join the conversation on LinkedIn, Facebook, Instagram, and X!
If today's podcast resonates with you and you haven't read The Small Firm Roadmap Revisited yet, get the first chapter right now for free! Looking for help beyond the book? See if our coaching community is right for you.
Access more resources from Lawyerist at lawyerist.com.
Chapters:
00:00 Introduction
00:18 Lawyerist Coaching
05:22 Expense Tracking in MyCase
10:01 Integrating Finance with Practice
14:54 Immigration Law and the Current Administration
17:53 Specialization and Maintaining Competence Across Multiple Areas
22:39 Lawyer Pricing Models in an Era of Uncertainty
The Lawyerist Podcast is your ultimate guide to building, managing, and growing a successful small or medium-sized law firm. Tailored for lawyers and attorneys who aspire to thrive in today’s fast-paced legal landscape, this podcast delivers actionable advice, proven strategies, and cutting-edge insights to help you run a modern law firm with confidence.
Whether you're a solo attorney starting your practice, managing a growing firm, or looking to optimize your operations, The Lawyerist Podcast provides the tools you need. From mastering law firm marketing, streamlining workflows with legal technology, and improving client relationships to building sustainable firm culture, we cover everything that matters to entrepreneurial lawyers.
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If you’re searching for practical advice on how to run a law firm, grow your legal business, and stay ahead of the curve, The Lawyerist Podcast is the resource you’ve been waiting for. Subscribe now to elevate your practice and build the law firm of your dreams.
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