Welcome to Solo de Facto! There are plenty of different classes in law, but this podcast will explore the business of law and the secrets to successfully running your own solo practice.
Today’s episode features energetic math whiz Brooke Lively. Brooke is the founder and CEO of Cathedral Capital, and author of her own book “From Panic to Profit: How 6 Key Numbers Can Make a 6 Figure Difference In Your Law Firm”. Brooke built a seven figure company in under two years before she started her own company. Brooke joins host Emily LaRusch to share some of her tips for success!
- Owning your business can be a great reward, but it can also come with great risks if you aren’t careful.
- Business owners need someone who can hold them accountable and keep them in line.
- In a law firm, your biggest expense is your people and also the biggest source of revenue.
- 5 pieces of the A/R puzzle: Get an initial retainer that is equal to the first three months of work, have an evergreen retainer, have a stop work policy, take payment out of the clients hands, have a fee agreement.
Quote of the show
2:13 “We like to think of ourselves as financial Sherpas. Because when you own a business, any business, but a law firm is a great example. When you own a law firm it is like climbing a mountain. It is exhilarating, it’s fun, it can be beautiful. It can also be cold, lonely and dangerous and no one has ever climbed Mt. Everest by themselves, they have Sherpas.
The Sherpas job is to tell them what is coming up, help them avoid things, so they don’t fall in a crevasse or die on the mountain, and that’s what we do for people.”
- LinkedIn: https://www.linkedin.com/in/brookelively
- Website: https://www.cathcap.com
- Book Link: https://www.amazon.com/Panic-Profit-Numbers-Figure-Difference-ebook/dp/B08B41C393