Mixing personal finances with your law firm’s books or trust account is one of the most common and dangerous mistakes law firm owners can make. What starts as an innocent overlap, for example paying a bill here, using a firm card there, can quickly spiral into serious ethical violations, accounting disasters, and even potential legal repercussions. Without the proper systems in place, you risk undermining the credibility of your firm, losing the trust of clients, and facing hefty penalties.

In this critical webinar from Practice42, Keep Your Personal Life Out of Your Law Firm Books (and Your Trust Account!), Audrey Ehrhardt, Esq., CBC, and Katie Lilly, CPA, will guide you through the essential steps to keep your personal and business finances separate and compliant. They will dive deep into this conversation to ensure you have the knowledge you need to stay protected including discussions on:

- Understanding the importance of financial separation. Learn why mixing personal and business finances can lead to disaster for your firm.
- Avoiding trust account violations. Ensure your trust account is managed properly to avoid legal repercussions and maintain client trust.
- Evaluating your financial help. Understand whether the help you have hired for your law firm’s books truly understands the unique needs and requirements of legal accounting.
- Implementing systems that protect you. Set up the right financial management practices to safeguard your law firm from self-created risks.
- Spotting and fixing common mistakes. Identify where personal life might be creeping into your business finances and how to correct these issues before they become major problems.

You won’t want to miss this free training on (RESCHEDULED FOR HURRICANE) Tuesday, October 22nd, at 12 pm ET. Space is limited! Register now to secure your spot and protect your practice!

Time and again you have put your best foot forward.

You have tried to make things work.

But, despite your best efforts, your senior partner continues to plague your professional life in an unrelenting and inescapable way.

We know you may feel hopeless. You may feel desperate. We want to tell you that you are not alone. We work with so many attorneys who have been in similar situations to what you are facing right now.

The truth is there is an exit strategy to take and, let’s be honest, it can be developed over the span of your lunch hour. Open your own practice! Think about the flexibility that can come with being your own boss. Appealing, right?

Let’s dive into how you can use your lunch hour (or late tonight if your senior partner does not give you lunch) to take your career to the next level as you set forth how you are going to open your own firm. Let’s discuss a few things you will need to consider:

• Why? What is motivating you to do this? Why do you want to leave? Your “why” is going to tether you to this move. Especially when things get hard.
• Choose your practice area. Will you be practicing in an area you currently practice in or have done so in the past? Will your firm focus in on a niche area of the law or be broader in scope?
• Name your practice. Finding a name for your firm is so much more than what will appear on your business cards. It requires a decision on big business choices such as what your business structure will be. Are you going to set out as a solo? Set up shop as a professional corporation? Finding your name will involve these kinds of decisions as well.
• Set out your business plan. Think about what you want your firm to accomplish and the areas in which you will provide services. What will be different about your firm? This is also a good place to outline your financials. What financial resources are available to you or will you seek out? What startup costs will you incur? How will you generate revenue and how will you bill your clients?

As you lament your senior partner woes and dream of opening your own firm, we encourage you to schedule a free 30 minute Strategy Session with the team at Practice42. We help build successful law practices. Talk to us about how we can help you on your journey to a brighter future in the law!