How to Build a Law Firm: Part 3 of 6 - Managing Your Own Law Practice

Starting your own law firm can be one of the most rewarding yet challenging endeavors of your legal career. This six-session series will guide you through the critical steps of building a successful law practice, from finding your niche to managing risk. Learn from experienced practitioners across various areas of law and gain practical insights into the business of law firm management.  

Part 3: Mastering Law Firm Operations – Money, Flow, and Billing 

Running a law firm takes more than legal expertise, it requires sound financial management and a clear understanding of how money moves through your practice. This session is designed for lawyers who are building or growing their own firm and want to develop a solid operational foundation. 

We’ll explore the practical side of managing your firm’s finances, from forecasting and expenses to cash flow, HST, and billing practices. Learn what your accountant may not explain, how to plan for tax obligations, and why retainers and consistent billing are essential to long-term sustainability. 

Topics Covered:
• Forecasting your firm’s financial future: cash flow, expenses, and planning ahead

• Managing HST: input tax credits, remittance schedules, and staying  compliant

• The role of retainers in securing steady cash flow

• Billing strategies and systems that support client transparency and business growth

• Avoiding common financial pitfalls in solo or small firm practice