Money Matters! Breaking Down Law Firm Finances

About this episode

The episode discusses the financial aspects of running a law firm with CPA Terrell Turner.

Let’s talk about finances; specifically, your law practice’s finances, everything from billing (even flat fee pricing) and bookkeeping to taxes and support staff salary negotiations. Guest Terrell Turner is not a lawyer, he’s a CPA and co-founder of the TLTurner Group, an accounting practice that helps lawyers and law firms understand and maximize their finances. In addition, Turner hosts the American Bar Association Law Practice Group’s podcast, called “The Law Practice Podcast,” that covers money and running a practice. Finance is the foundation of any firm, otherwise, why are you working? And it’s a team issue, everyone in your firm drives the firm’s finances. Every function should help feed the bottom line. Turner helps firms break down the value of every part of your practice. It’s vital to understand the impact every member of the team has on your firm’s function – even non-billing members such as a virtual assistant (and the TLTurner Group website is adding a free calculator you can use to break it all down). Not only are you responsible for managing the firm’s output and efficiency, but you should also know what you need from your accountant and bookkeeper (they aren’t…

People in this episode

Guest: Terrell Turner

Topics covered

• law firm finances
• billing
• bookkeeping
• taxes
• salary negotiations
• financial management

Keywords

• law firm finances
• billing
• bookkeeping
• taxes
• salary negotiations
• financial management
• accounting

Mentioned in this episode

Organizations: TLTurner Group, American Bar Association

Books & works: The Law Practice Podcast

More episodes of New Solo

• Chill With Jill: How a Law Degree Can Lead to Careers in Organizational Leadership · June 1, 2026 · 42 min
• Ready Player One: The Life Of A Video Game Lawyer · March 26, 2026 · 36 min
• Getting Up and Running With the Help of a Coach and Today’s Tech · February 26, 2026 · 51 min
• Six To-Dos Every Firm Can Embrace in 2026 · February 3, 2026 · 54 min
• Creating a Referral Network That Actually Works with Lee Rosen | First Flight #12 · January 8, 2026 · 38 min
• Have JD, Will Work Remotely. Contract Attorneys Fill Gaps When Firms Have Short-Term Needs. · December 26, 2025 · 37 min