Money Mindset Tips Every Lawyer Should Know

MONEY MINDSET is something even lawyers have a hard time wrapping their heads around!!

We all want money, but we never seem to want to talk about it.

It’s a fact – Making money has to be a major component of why you are in business, but if your law firm isn’t making money it will fail.

However, your law firm is a lot MORE than just about making money.


It’s a fact – most lawyers, and especially female lawyers are extremely reluctant to talk about money.

Here are some major reasons why we don’t like to discuss money –

💰 Do you feel like you are “bad” at handling money? You’re not alone.

Some people truly believe “money is the root of all evil” and actually feel bad about making money.

💰Some lawyers think they are not really good lawyers because they are not making mid to high six figures, or even 7 figures, or however they define “success” attached to money earnings. Maybe you’re comparing yourself to other lawyers who you perceive as successfully at making money.

😳 What about judgement? Are you feeling judged by others for making too little or too much money?

All of these negative thoughts and/or beliefs do not serve you, or make your situation better.

It’s holding you back.

So where does the reluctance of talking about money come from for women lawyers?

In some instances, it comes from not wanting to LOOK at the money, and you delude yourself that it will work itself out. Well, that is incorrect.

Be proactive, and don’t stick your head in the sand about your money. Pay attention and know your numbers.

Watch where you are spending your money. Here are a few things we like to throw money at without thinking:

Website – You don’t have to spend a fortune on this, if you really need one.

Lead services – these are not the answer to getting what and who you want to attract to your business, especially if you don’t know the answer to that question; it doesn’t matter what size your firm is. Consider the return on your investment.

Marketing – There are easy ways to keep costs down by creating your own, or hiring the right person to help.

Be intentional on your spending.

To be intentional on your spending there are a few things you need to be aware of. 

✔️ For example, your monthly (and annual) fixed expenses – these do not fluctuate much throughout the year. 

✔️ Make realistic projections about your income; how much does a case cost you?

✔️ Hire a bookkeeper., someone you trust, and look at your numbers regularly

✔️ Do a yearly audit of your expenses.

Getting to know your money will not only give you the knowledge you need to make smarter decisions for the future of your law firm, but it will also help the relationship you have with your money and allow you to talk more freely about it.


Here are a few free resources for you to try out…

 

Replace The Rat Race With A Bold, Thriving Law Business

With 16 years in a solo law practice, Sharon Christie discovered that the secret to thriving instead of merely surviving lies in the ability to land great clients…consistently. Sharon cracked the marketing code — catapulting her law practice clientele from ZERO to HUNDREDS in under 9 months — and now reveals her proven 3 step formula to other female lawyers who are ready to replace the rat race with a bold, thriving law business.

Part of her 3 step formula in action is frequent lecturing to professional and community groups, including NAMI Metropolitan Baltimore, the Brain Injury Association of Maryland, the Lupus Foundation, Let’s Talk Sarcoidosis and the Sinai Return to Work Program, and authoring books for her law practice clients such as the 2 books on Social Security Disability benefits, The Unofficial Guide to Social Security Disability Benefits and Can You Win Your Social Security Disability Case?: The Blueprint You Need to Get Social Security Disability.

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