This episode is inspired by a friend of mine. He has observed that a lot of solos and small firm lawyers don’t know how to spend their money. Some spend on things they think will help their law practices grow, but that never do. Others get caught up in “shiny tech syndrome” and are always getting the latest and greatest gadgets. Both, at the end of the day, have an empty bank account and little to show for their spending – except maybe the most recent iPhone.

In this episode I break down the difference between spending on expenses vs. spending on investments, and help you focus your spending on investments in a couple of key areas that are really going to help your firm grow.

TAKEAWAY: the fastest way to bankrupt your law firm is by spending your money on the wrong things. Pure expenses only drain your bank account. When you invest in your firm, however, the money you spend now pays you back in time, efficiency, and future revenues that far outweigh the initial cost.