The 3 Finance Books Solo Lawyers Should to Read

Over the past nine years, I have read more than a dozen books on the subject of finance and money management.

Unfortunately, most of them were a waste of time. They could have easily been blog posts or even newsletter emails.

Instead, I encourage you to give these 3 a read.

They’re well worth the time.

Book #1: “I Will Teach You to Be Rich” by Ramit Sethi

I first read this book in 2009, before I even started my law practice.

And here’s why you’ll love it:

• It completely changed how I think about spending money on what truly matters while cutting costs mercilessly on what doesn’t
• The psychology of money management is just as applicable to law firm finances as personal finances
• The automated system he describes for managing money flows perfectly into how I now structure my firm’s accounts
• Bonus: The chapter on “conscious spending” transformed how I make personal and business purchasing decisions

Book #2: “Simple Numbers, Straight Talk, Big Profits!” by Greg Crabtree

This book was recommended to me by a fellow solos who turned their small business practice into a seven-figure business.

Here’s why I think you’ll love it:

• Finally explains financial statements in plain English
• Shows exactly which numbers actually matter for a small firm (hint: it’s not what most CPAs focus on)
• Helped me understand the true cost of hiring my first employee
• Changed my perspective from “revenue growth” to “profit growth”

Book #3: “Profit First” by Mike Michalowicz

Finally, I think every solo lawyer should read this book.

And here’s why I think it’s required reading:

• The envelope system for business actually works (I was skeptical at first)
• Completely eliminates the feast-or-famine cycle most solos experience
• Makes tax time painless because you’ve already set aside the money
• Forces you to run lean without feeling deprived
• The profit distribution system became my quarterly “bonus” motivation

Read them in this order. Start with Ramit’s book to fix your money mindset, move to Simple Numbers to understand what the numbers mean, and finish with Profit First to implement a system that makes it all work automatically.