Law and Quarter

Discover how to maximize your cash flow and never worry about money management again! Learn about Cash Flow Management with this podcast episode which discusses a new cash flow method that could help improve your firm's profitability. This method involves having four to five bank accounts, including an income account, an operating expense account, a profit account, and a tax savings account. I...

IOLTA Accounts are trust accounts that collect interest and are used to provide free or low-cost civil legal services. Operating accounts and trust accounts are the main difference between a law practice and other businesses. Retainers must go into the trust account, fees come out of the operating account, and money is transferred from the trust account to the operating account when it is earned....

Today you will learn the secrets of successful budgeting and cost management to save money like a pro! I am back to give you some tips on managing costs and budgeting. When setting income goals, it is important to consider the time, system, and tools necessary to obtain those goals. Additionally, there are both fixed and variable costs to take into account when creating a budget. Finally, tracking...

Uncover the secrets of successful financial projections and take your business to the next level! Today, you will learn how to create successful financial projections and grow your business, and the importance of planning for a successful law firm. It's important to analyze projected expenses, revenues, and clientele, gather historical data, and create conservative estimates. When creating pro...

Learn that Key Performance Indicators (KPIs) are important for measuring progress, setting goals, and ensuring efficiency in law firms. Common KPIs for law firms include billable hours, new client acquisitions, and case is one. Additionally, KPIs can also help measure client satisfaction, marketing efforts, and financial KPIs such as revenue growth, cost containment, and profitability. Lastly, law...

This episode is about the essential financial statements you need for your law firm where I unpack the balance sheet, income statement, and cash flow statement. All three statements are critical for assessing the financial position and profitability of a business. The balance sheet shows assets, liabilities, and equity. The income statement shows revenue and expenses, and the cash flow statement s...

This episode is about comparing time & money to help you decide if you should switch software. I will talk about how to determine if it is time to switch software by comparing the savings from labor expenses to the cost of the software. Additionally, you will learn that the implementation cost of the software should be taken into account and that change management could take a while. Lastly, y...

A determined rainmaker must overcome the challenges of legal automation to reduce labor costs, improve client experience, and scale their firm to multimillion-dollar success. This episode is about the Benefits of automation. I explain how automation can free up time, reduce duplication, provide a better client experience, improve access to data, and help you scale your firm. Additionally, I discus...

Discover the secrets to mastering time management, organization, and prioritization for a successful and stress-free life! This episode is about Time Management, Organization, and Prioritization. Effective time management is key for business success and entrepreneurs must be purposeful when it comes to how they spend their time. This episode provides tips for organizing time, such as time blocking...

In a race against time, a “Chief Everything Officer” must delegate, create Standard Operating Procedures, and manage human capital in order to scale their law firm and protect against costly mistakes. This episode is about the power of Standard Operating Procedures (SOPs). I learned that having SOPs in place is essential for law firms, as they can help reduce risk and increase productivity. SOPs s...

As an attorney, it is very important to plan what entity you are going to be from a tax perspective, and today we're going to talk about the pros and cons of each entity type. Here's what I cover: 1. The different types of business entities, and the pros and cons of each from a tax perspective. 2. The taxation of S corporations, and how they compare to other types of business entities. 3....

This episode is about Tax deductions for businesses. I cover different deductions that firm owners should be aware of such as meals, home office, professional fees, furniture, computers, other equipment, the Augusta Rule, and vacation deductions. Furniture, computers, and other equipment are considered fixed assets, so they must be depreciated and not fully expensed in the year of purchase. I also...

In this episode of the podcast, we discuss various tax deductions that law firm owners should be aware of, including strategies like hiring family members and deferring income, to help lower your tax liability. In this episode, you will learn the following: 1. Hiring family members to help with the law firm can be a way to legally shift some taxable income to a lower bracket. 2. Deferred income, s...

The tax planning process is essential for ensuring that business owners are in the right tax entity. However, many people avoid working with a CPA who specializes in tax planning, which can lead to them not getting the correct advice. This can result in them overpaying taxes, as was the case with one of my clients. By electing that this client be taxed as an S corporation instead of a sole proprie...

Do you know the difference between tax planning and tax preparation? If you're like most people, you probably think they're the same thing. But in reality, they're very different. And when you combine the two, that's how you can maximize your personal and business income investments even after you pay your taxes. So, what is tax planning? Tax planning is creating a strategy to mini...

"The more that you actually say it, the more you are telling the universe and the powers that be around you that this is what you want. And that is what you will attract." Today we’re talking about how to properly plan your exit from your current job or firm. If you want to make a successful transition, you should follow these eight steps. The first step is to figure out your vision. You s...

"My method is a holistic method that actually addresses all of these topics and will do so from a numbers perspective." I'm a law firm owner, and I know that I need to delegate, but I don't always know what to delegate or to whom. I've been working with a CPA who specializes in law firms, and he's helped me understand where I can cut costs and become more profitable. I'...

I'm Jayden Doye and I'm delighted that you've joined me for the Law & Quarter Podcast. I'm known as the Traveling CPA, and I've dedicated my professional life to helping law firm owners reach new heights and catch more flights. I believe that you don't have to be tied to a desk seven days a week to have a profitable firm. That's why I'm here bringing ideas and i...