Law Firm Money Mistakes Lawyers Keep Making | Peggy Gruenke of CPN Legal
In this episode of Lawyers in the Wild, Lindsay and Rob sit down with Peggy Gruenke, owner and co-founder of CPN Legal, to talk about one of the least glamorous but most important parts of running a law firm: the money.
Peggy shares how CPN Legal became a specialized bookkeeping and financial management partner for law firms, why lawyers need to stay in their lane, and how outsourcing the right work can protect both your time and your firm.
The conversation covers trust accounting, three-way reconciliations, Clio and QuickBooks, profitability, billing habits, client selection, payroll, cash flow, and why lawyers often hurt their own businesses by writing off time before a client ever sees the bill.
If you own a law firm, manage a practice, or are trying to build a more profitable and sustainable legal business, this episode is full of practical lessons.
Chapters:
00:00 Intro: Lawyers, control, and knowing when to hand things off
03:04 What CPN Legal does and how Peggy found her niche
07:28 Choosing the right clients and staying in your lane
10:14 Building a bookkeeping team lawyers can trust
13:26 Trust accounting, three-way matches, and why details matter
16:19 Why law firms struggle with profitability
23:57 Profit margins, payroll, cash flow, and sustainable growth
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