Brooke Lively | Tips on Running Your Law Firm Business from a Financial Analyst
On this week’s episode of the Wealthy Woman Lawyer® Podcast, we speak with Brooke Lively, Founder and CEO of Cathedral Capital. As a Chartered Financial Analyst, Brooke specializes in helping entrepreneurs turn their companies into profitable businesses by working with closely held companies with revenues up to 10 million dollars. She is the author of the 6 Key Numbers book series, which includes From Panic to Profit: How 6 Key Numbers Can Make a 6 Figure Difference in Your Law Firm.
Brooke laments the fact that most law schools don’t actually teach aspiring attorneys how to run a business. “You’d think law school would prepare you better,” she says, “knowing that an attorney is going to open their own firm. But they don’t and it’s such a shame.”
We chat with Brooke about her top tips on laying a solid foundation for your business as a new attorney, as well as:
- Your ideal first hire
- Vanity numbers and what you should be looking at instead
- What “cash is king” actually means in practice
- How and why to run a law firm on the “Rule of Thirds”
- Percentage of your budget you should spend on marketing
- And more.
