Best Books About Making Money In Your Law Practice
With so much uncertainly in the world right now, it’s easy to be stressed about the ability to continue making a profit. Now is the time to really drill down and focus on your finances so you can not only survive, but continue to grow.
Here are some of the books that have helped me stay on track financially and that I am re-reding in the age of COVID-19.
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Profit First by Mike Michalowicz
Profit First is a system based on the idea that we need to allocate our income and prioritize our profit before paying any of our expenses. Usually, when we get money into our business we subtract expenses and consider anything left profit. With this system, you take your profit out first and allocate the balance to expenses. If you don’t have enough for expenes, you need to make cuts.
Profit First is probably the most popular financial book for attorneys in my social circle. I don’t follow the system strictly, but it has helped me retain more of my profits. I know many lawyers who swear by it and whose lives it has changed immensely.
Straight Talk, Big Profits!: 4 Keys to Unlock Your Business Potential by Greg Crabtree
This finance book breaks down basic business accounting and helps you avoid common financial mistakes. I found it very easy to understand (I am not a numbers person) and found the real-life examples very useful and relatable.
Taxes for Small Businesses: QuickStart Beginner’s Guide to Understanding Taxes for Your Startup, Sole Proprietorship, and LLC by ClydeBank Business
This is really easy to understand primer on taxes for business owners. Even if you have a bookkeeper and accountant, it’s important that you understand the basics of how tax affects your business.
This book also shared tips on profit maximization, how to identify the most suitable business structure for you, how to determine the impact of choosing the business structure on your taxes, planning your tax management, and how accounting techniques impact your taxation policies.
Hopefully, these great reads help you stay on track financially in these rough times.