The Lawyer Millionaire® Podcast: Business & Financial Planning for Law Firm Owners

Darren Wurz, CFP

The Lawyer Millionaire® Podcast helps law firm owners grow their firms, build wealth, and achieve financial freedom. Hosted by Darren Wurz, you’ll learn practical business strategies, financial planning tips, and exit strategies designed exclusively for lawyers.

  1. 3D AGO

    Know Your Breakeven: Building an 8-Figure Firm Without Sacrificing Profit or Cash Flow (Ep. 157)

    In today’s episode, host Darren Wurz sits down with Eric Gros-Dubois, founder of EPGD Business Law in Miami, Florida, a firm that’s grown to 30 attorneys and eight figures in revenue, all without outside debt or acquisitions. But what’s the secret behind Eric’s success? Spoiler alert: it’s not obsessing over profit or revenue but a single, often-overlooked number that drives every decision. Eric shares his strategies for scaling a law firm, why knowing your break-even number is more than just accounting, and how cultivating relationships and building the right team fuels lasting growth. We dive deep into the financial operating system that has propelled his firm from humble beginnings to powerhouse status and uncover practical wisdom for law firm owners aiming to build wealth without losing margin or sanity. If you’re a law firm owner ready to rethink how you measure, manage, and maximize your business, you won’t want to miss today’s conversation. Let’s get started! Darren and Eric discuss: How to know your breakeven number. Why word of mouth is still important even in the age of digital advertising. How to build a team and culture that drives real profitability. The biggest waste of money in law firms. How building genuine relationships enhances business development. How to incentivize attorneys.   Resources: Unreasonable Hospitality by Will Guidara (Book) How do you measure succcess? | Q+A by Simon Sinek (Talk) Law Firm Profitability Assessment How to Calculate Your Law Firm Tax Reserve   Connect with Darren Wurz: Want to work with our team? Schedule an Intro Call The Lawyer Millionaire Website LinkedIn: Darren P. Wurz Join The Lawyer Millionaire® Community Don’t Miss a Thing! Subscribe to The Lawyer Millionaire® Email List   Connect with Eric Gros-Dubois: Email: eric@epgdlaw.com Linkedin: Eric Gros-Dubois Website: EPGD Business Law   About Eric Gros-Dubois: Eric Gros-Dubois founded EPGD Business Law in 2013 and is the current head of the firm’s corporate, estate planning, and tax practice, and manages the firm’s Miami office. With a JD and MBA, and a specialization in finance, Eric is able to step back and view the legal world through a commercial lens while also acting as a trusted business advisor for his clients.  He does his best to be solutions oriented, and tries to think like a business owner, not just a lawyer. When asked to identify his thoughts on practicing law, Eric answers without hesitation: “People aren’t hiring us to solve legal problems, they’re hiring us to solve personal problems.” With his hands-on approach, Eric works to build strong client-attorney relationships and finds himself intimately involved in each of his cases even after they’ve been resolved. While a partner at a prominent firm located in Washington, DC, his path led him to Miami where he handled commercial transactions and business litigation. As a law student, Eric worked at a non-profit organization, a private equity group, and the Federal Tax clinic representing taxpayers before the U.S. Tax Courts, laying the foundation for the future of EPGD Business Law. Eric does his best to be an outstanding member of the community. Finally, his hobbies include marathon running, cooking, chess, tennis, and sailing. Community Involvement Elected to Coral Gables Community Foundation Board of Directors Chair of Trustee Council, Executive Committee Member, Board Member of the Coral Gables Chamber of Commerce Elected to Board of Coral Gables Museum Former president of the Rotary Club of Brickell Former president of BNI Coral Gables Former president of his homeowner’s association Member of Coral Gables Bar Association Merrick Society Member of Coral Gables Community Foundation Member of Coconut Grove Sailing Club Former member of the International Affairs Coordinating Counsel for the Sister-Cities of Coral Gables on behalf of the Chamber of Commerce Former member of the board of directors of Global Ties Miami (formerly the Miami Council for International Visitors) Sigma Chi Fraternity (Southern Methodist University) Beta Gamma Sigma honor fraternity (Kogod School of Business) Supporter of many fundraisers devoted to the community Schools Washington College of Law. Juris Doctor (JD) Kogod School of Business. Masters in Business Administration (MBA) Southern Methodist University. Bachelor of Arts (BA). Sigma Chi Fraternity Jesuit College Preparatory School, Dallas Goldman Sachs 10,000 Small Businesses Bar Admissions State of New York, 2008 State of Maryland, 2008 State of Texas, 2020 District of Columbia, 2008 State of Florida, 2010 Federal District Court for the Southern District of Florida, 2010 Federal District Court for Maryland, 2008 U.S. Tax Court, 2008 Lectures & Presentations CLE Lecture: “Franchising 101 – The Essential Guide for New Entrepreneurs.” May, 2024 CLE Lecture: “The Corporate Transparency Act (CTA)” March, 2024 CLE Lecture: “Estate Planning 101” Feb, 2024 CLE Lecture: “Trademarks 101 – Everything an Entrepreneur Needs to Know.” November, 2023 Featured Speaker at The SelectUSA Investment Summit 2022, “Various Corporate Structures Available in the U.S and Which Might be Best Suited for Your Business.” June, 2022. CLE Lecture: “Piercing the Corporate Veil.” March, 2021 CLE Lecture: “Grow Your Firm with Great Law Clerks” November, 2020 Featured Speaker: Palm Beach Startup Week 2019, “5 Legal Things Every Business Owners Needs to Know.” June, 2019 Key Note Speaker: PT Now Annual Physical Therapist Conference, Cancun, Mexico.  “Legal Points Every Franchisee Should Know.”  June, 2019 Featured Speaker: Guayaquil, Ecuador.  “Business Law in the U.S.”  May, 2019 Featured Speaker: Bogota, Colombia.  “Doing Business in Miami.”  May, 2019 CLE Lecture: “New and Emerging Topics in Employment Law.”  May, 2019 CLE Lecture: “New DOL Guidance on Tip Credit.”  May, 2019 CLE Lecture: “Corporations v. Partnerships Top Tax Pitfalls to Avoid.”  March, 2019 CLE Lecture: “LLC, C-Corp, S-Corp, New Tax Cuts and Jobs Act of 2017.” March, 2019 Featured Speaker: Medellin, Colombia. “Migracion, negocios y inversiones en Los Estados Unidos.”  February, 2019 CLE Lecture:  “Corporate Tax Planning and the Tax Cuts and Jobs Act of 2017.”  December, 2018 Featured Speaker: Polanco, Mexico, D.F. “Migracion, negocios e impuestos en Estados Unidos.”  October, 2018 CLE Lecture:  “IRS Form 1099: New Requirements.”  September, 2018 CLE Lecture:  “Issues with Employment Status: Salary vs hourly, independent contractors vs employee, Non-competes and legal discrimination.”  August, 2018 CLE Lecture: “Piercing the Corporate Veil and Reverse Piercing Fundamentals (2018 Edition).”  August, 2018 Featured Speaker in Panama City, Panama. “Migracion, negocios e impuestos en Estados Unidos.”  July, 2018 CLE Lecture: “Law Firm Management: Different Types of Engagement Letters, Referral Fees, and Trust Accounting.” July, 2018 CLE Lecture: “The Intersection of Employment Law and Business Immigration.” July, 2018 CLE Lecture: “The New Tax Rules for Mergers and Acquisitions.” June, 2018 CLE Lecture: “Employment Law 101: Independent Contractors versus Employees; Hourly versus Salary; Restrictive Covenants and Discrimination.” June, 2018 CLE Lecture: “Piercing and Reverse Piercing the Corporate Veil 2018 Update.”  May, 2018 Featured Speaker in Bogota, Colombia. “Migracion, negocios e impuestos en Estados Unidos.” April, 2018 CLE Lecture: “Law Firm Management – Engagement Letter Variations, Referral Fees, Trust Accounting, and Law Firm Financial Management”. CLE Lecture: “Fundamentals of Form 1099: New Requirements!” CLE Lecture: “Accounting 101 for Attorneys (2018 Edition).” CLE Lecture: “Corporate Tax Planning and the Tax Cuts & Jobs Act of 2017” CLE Lecture: “Piercing the Corporate Veil and Reverse Piercing Fundamentals.” CLE Lecture: “Law Office Accounting: Managing Trust Accounts, Retainers, Billable Hours & More.” CLE Lecture: “Major Mistakes to Eliminate in Forming & Operating LLCs.” CLE Lecture: “Accounting 102 for Lawyers.” CLE Lecture: “EB-5 and Beyond: Counseling the Foreign Entrepreneur on Immigration, Business, Tax, & Legal Considerations.” CLE Lecture: “Starting and Running a Small Law Firm.” Featured Speaker at Universidad de La Sabana in Chia, Colombia and Club de Bridge in Bogota, Colombia. “Migracion, negocios e impuestos en Estados Unidos.”  May, 2016 Panelist at 2016 American Immigration Lawyer Association’s Las Vegas Symposium on Law Firm Management.  June, 2016 Featured Speaker at Jornadas Asia Pacifico Conference in Santiago, Chile.  July, 2016 Featured Presenter at Microsoft Startup Institute, “5 Things Every Entrepreneur Needs to Know.” September, 2016 Featured Speaker at III Regenerative Medicine Symposium in Buenos Aires, Argentina. “Tax Concerns and Foreign Nationals.” October, 2016 Featured Speaker at SCORE at Venture Café Miami.  “5 Legal Issues for Every Startup.”  January, 2017 Featured Speaker at Ibague, Colombia, Business and Immigration Law Conference.  “Coming to, and Doing Business in the United States.”  July, 2017 Featured Speaker at Impact Seminar for Coral Gables Chamber of Commerce. “The Entrepreneur Life Cycle.” July, 2017 Featured Speaker at American Immigration Lawyer Association’s Miami Roundtable: “Financial Bootcamp for Law Firm Owners and Immigration Attorneys.” August, 2017 Featured Speaker at OWIT, Organization of Women in International Trade: “Doing Business in the United States.” August, 2017 *Courses are available online through myLawCLE

    41 min
  2. MAR 3

    Dominating Your Market: The Playbook That Built the Top PI Law Firm in Iowa (Ep. 156)

    On this episode, we’re going deep into the story behind RSH Legal, Iowa’s largest and most recognized personal injury and truck accident firm, with the firm’s majority owner, Tim Semelroth. Tim reveals the strategies that propelled his firm to state and national prominence and he did it without relying solely on flashy billboards or digital marketing. In this insightful conversation, you’ll hear how Tim and his team built an unrivaled “one-stop shop” for injury and disability victims, strategically niching down both by practice area and geography. We’ll discuss what it really takes to build a referral engine that keeps your firm growing, why diversifying your caseload protects your cash flow, and how sticking close to your roots can be the best business decision you’ll ever make. If you’re a law firm owner ready to level up your financial future, this episode is packed with practical wisdom you can act on today. Whether you’re just starting out or scaling up, you’ll learn how to maximize profits with purpose, avoid the pitfalls of lifestyle creep, embrace new tools like AI, and keep your practice and your life aligned with what matters most. Darren and Tim discuss: Why specialization is the secret to predictable growth? How Tim discovered his passion within truck accident law. The real story behind profitability in PI law (and how to avoid cash flow rollercoasters). How Tim avoided lifestyle creep and prioritized diligent savings. AI tools and automations that would benefit your practice right now.   Resources: The Psychology of Money: Timeless lessons on wealth, greed, and happiness by Morgan Housel Plaud Law Firm Profitability Assessment How to Calculate Your Law Firm Tax Reserve   Connect with Darren Wurz: Want to work with our team? Schedule an Intro Call The Lawyer Millionaire Website LinkedIn: Darren P. Wurz Join The Lawyer Millionaire® Community Don’t Miss a Thing! Subscribe to The Lawyer Millionaire® Email List   Connect with Tim Semelroth: Email: tsemelroth@fightingforfairness.com Linkedin: Tim Semelroth Website: RSH Legal   About Tim Semelroth: Tim Semelroth is a seasoned Iowa trial attorney known for his dedication to representing people harmed by negligence. With over 27 years of legal experience, he concentrates on serious injury cases, including trucking accidents, wrongful death, and car collisions. His commitment lies in helping everyday Iowans stand up to powerful insurance companies. Tim began his academic path at Drake University, earning a Bachelor of Arts in 1994. He continued his education at the University of Iowa College of Law, receiving his Juris Doctor in 1997. His pursuit of legal excellence is reflected in his board certification in Trucking Accident Law from the National Board of Trial Advocacy. Tim chose to represent working people, not corporations or government agencies. His approach is shaped by his upbringing in a blue-collar family, giving him a strong sense of fairness and a drive to protect those without the means to fight back. He focuses on ensuring injured individuals are treated justly, especially in the face of complex legal systems and uncooperative insurers. Tim is recognized as Iowa’s first and only truck accident lawyer to achieve board certification in his specialty. He also completed the Legacy Corporation Trucking Course for Legal Professionals, gaining hands-on training in handling truck crash cases. His expertise has made him a frequent speaker at legal seminars and conferences nationwide. Tim has earned numerous honors, including the AV Preeminent rating from Martindale-Hubbell and recognition as a Super Lawyer by Great Plains Super Lawyers. He is a member of prestigious legal groups such as the American College of Trial Lawyers and the International Society of Barristers, showing his continued commitment to legal excellence. Tim Semelroth continues to be a trusted voice for clients during their most difficult times. His passion for justice and his skill in the courtroom make him a powerful advocate for those facing life-changing injuries or loss. Law Office Affiliations Trial Attorney, RSH Legal Member, American College of Trial Lawyers Member, Iowa Association for Justice Member, National Board of Trial Advocacy Member, Million Dollar Advocates Forum Member, Academy of Truck Accident Attorneys Licensed State Iowa Education University of Iowa College of Law Juris Doctor (JD) Drake University Bachelor of Arts (BA)

    34 min
  3. FEB 24

    Why Family Law Firms Struggle with Cash Flow (And How to Fix it) (Ep. 155)

    On this episode, host Darren Wurz sits down with Chicago and Naples family law entrepreneur Russell Knight, a firm owner who’s not just survived but thrived in today’s competitive climate. Together, they tackle one of the profession’s most persistent pains: how to end cash flow headaches and create sustainable systems that keep your firm flush, your team supported, and your growth on track. Think of this conversation as candid business therapy. You’ll hear the hard lessons Russell Knight learned on the way to boosting collections from 80% to 95% (and what truly made the difference), his rules for setting retainers, and why being firm on fees is a confidence builder not a turnoff. Whether you’re a solo star or scaling up, this episode is packed with clear, actionable advice you can use today. Darren and Russell discuss: Common cash flow pitfalls family law attorneys face. Benefits of hiring virtual assistants to handle billings and collections. The emotional difficulty of law firm owners directly asking clients for payments. How Russell grew his business through content creation rather than ad spend. Why discounting fees or competing on price is not advisable. How to invest in team happiness for long term profitability.   Resources: Book: Profit First – Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz Law Firm Profitability Assessment How to Calculate Your Law Firm Tax Reserve   Connect with Darren Wurz: Want to work with our team? Schedule an Intro Call The Lawyer Millionaire Website LinkedIn: Darren P. Wurz Join The Lawyer Millionaire® Community Don’t Miss a Thing! Subscribe to The Lawyer Millionaire® Email List   Connect with Russell Knight: Linkedin: Russell Knight Website: The Law Office of Russell Knight Website: RDK Legal   About Russell Knight: Russell Knight is a dedicated divorce and family law attorney focused exclusively on resolving complex legal matters in Illinois. With an extensive portfolio of over 700 published articles on Illinois family law, he is widely regarded as a thought leader in the field of family law. His commitment to clarity and client advocacy sets him apart. After earning his Juris Doctorate from the University of Illinois College of Law in 2006, Russell began his legal career with a focus on family law. He also holds a Bachelor of Science in Business Computer Systems from Bradley University, which he received in 2000. He is licensed to practice in both Illinois and Florida. Russell’s litigation skills are finely honed through advanced training from NITA’s deposition course, the National Family Law Trial Institute’s Kolodny Trial Skills Course, and an advanced cross-examination program. He is also a faculty member of the Illinois Institute of Continuing Legal Education and the author of Chapter 3, “Obtaining Orders of Protection,” in the 2024 IICLE Family Law guide. Throughout his career, Russell has helped countless clients navigate the emotional and legal complexities of divorce, child custody, and protective orders. His work has been cited by media outlets such as NBC News, Parents’ Magazine, and Newsweek. His ability to communicate complex legal principles in straightforward terms empowers clients to make informed decisions. Known for his sharp strategy and strong courtroom presence, Russell Knight brings structure and predictability to the often-chaotic realm of family law. His fluency in English, French, and Spanish allows him to serve a diverse clientele with compassion and clarity. If you’re facing a divorce or family law issue, Russell offers experienced and personalized representation focused on achieving results.

    31 min
  4. FEB 10

    Profit First Pt 5: 7 Problems with Profit First That Drain Law Firm Cash Flow and Growth (Ep. 153)

    Profit First is hailed as a brilliant cash management tool, splitting every dollar into accounts for profit, owner’s pay, taxes, and operating expenses. On this episode, host Darren Wurz explains why too many law firm owners treat Profit First like a total business strategy rather than a behavioral tool. The result? Fake profit, growing debt, and a business running on fumes. You’ll hear stories (like Sarah, whose “profit” hid a mountain of credit card debt), clear explanations of where Profit First goes wrong, and practical fixes that will help you avoid the pitfalls. Whether you’re just starting to use Profit First, or you’ve been following it for years, this episode will help you get real about your finances and build a system that truly works for your firm. Darren discusses: Fake profit is a real danger. Financial clarity beats financial discipline alone. Why law firm owners need to start with a business audit before implementing profit first? Seven ways profit first can go wrong in your firm. Why law firm owners need to fix business spending problems?   Resources: Book: Profit First – Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz   Connect with Darren Wurz: Want to work with our team? Schedule an Intro Call The Lawyer Millionaire Website LinkedIn: Darren P. Wurz Join The Lawyer Millionaire® Community Don’t Miss a Thing! Subscribe to The Lawyer Millionaire® Email List

    28 min
  5. FEB 3

    Profit First Pt 4: The Behavioral Science of Profit First – And Why You Haven’t Done it Yet (Ep. 152)

    You know Profit First could transform your law firm’s finances but something keeps you from diving in. Maybe it feels too complicated. Maybe you’re stuck in old habits, or you’re just not convinced it’ll actually work for you. If any of this sounds familiar, you’re in good company. Many ambitious law firm owners struggle to bridge the gap between knowing about better systems and actually putting them into practice. This week on the podcast, Darren Wurz delivers the nudge you need to stop waiting and start building a more profitable practice. Darren uncovers the real reasons Profit First works and hint: it’s not about crunching numbers. It’s about how our brains work under stress, and how you can harness psychology to outsmart your worst financial habits. Darren discusses: How your spending habits may be sabotaging your firm’s growth The behavioral psychology behind the Profit First System. The powerful impact of setting up separate bank accounts for profit, taxes, and expenses. How mental accounting makes saving effortless. Nobel laureate Richard Thaler’s work on mental buckets. Why people fear losses more than they value equivalent gains?   Resources: Book: Profit First – Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz   Connect with Darren Wurz: Want to work with our team? Schedule an Intro Call The Lawyer Millionaire Website LinkedIn: Darren P. Wurz Join The Lawyer Millionaire® Community Don’t Miss a Thing! Subscribe to The Lawyer Millionaire® Email List

    22 min
  6. JAN 27

    Profit First Pt 3: How to Set Up Profit First in Your Law Firm for Better Cash Flow (Ep. 151)

    If you’re a law firm owner, chances are you’ve stared at your revenue numbers and wondered, “Why am I still stressed about cash flow even when business is booming?” Maybe you’re chasing top-line growth, hoping that more cases and bigger settlements will magically lead to personal wealth, ease, and a guilt-free mortgage payment. Sound familiar? Here’s the truth: revenue isn’t profit. And if you want your firm to start serving your life not just your clients, it’s time for a fundamental shift. This week on The Lawyer Millionaire Podcast, Darren Wurz breaks down the game-changing “Profit First” system. He’s been using it for years and swears by how it delivers peace of mind, real bankable profits, and an end to that nagging, never-enough feeling so common in law firm life.   Darren discusses: How to setup the Profit first system in your law firm. Why profit matters more than revenue for law firms. 5 changes you should make to your cash flow to reduce stress and boost profits. Why business should have an emergency fund. Why you need to setup multiple dedicated bank accounts. The potential consequences of not having a dedicated tax account.   Resources: Book: Profit First – Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz The Law Firm Profit First Set Up Guide and Instant Cash Flow Assessment Relay   Connect with Darren Wurz: Want to work with our team? Schedule an Intro Call The Lawyer Millionaire Website LinkedIn: Darren P. Wurz Join The Lawyer Millionaire® Community Don’t Miss a Thing! Subscribe to The Lawyer Millionaire® Email List

    27 min
5
out of 5
23 Ratings

About

The Lawyer Millionaire® Podcast helps law firm owners grow their firms, build wealth, and achieve financial freedom. Hosted by Darren Wurz, you’ll learn practical business strategies, financial planning tips, and exit strategies designed exclusively for lawyers.

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