From K-1s to KPIs: A CPA’s Guide to Law Firm Finances
Update: 2025-06-03
Description
Ever wondered why your law firm’s bank account doesn’t match your revenue? Or what a K-1 really means? In this episode of The Mostly Legal Podcast, Rob and Amanda are joined by Terrell Turner, CPA and founder of TL Turner Group, to make sense of the financial fog law firms often find themselves in.
From translating accounting jargon into plain English to explaining why you probably shouldn’t rely on the legal drama, Suits, for legal business advice, Terrell shares real-world insights for law firm leaders, administrators, and accountants who want to get smart about their numbers. Plus, we talk trust accounts, how to avoid phantom income nightmares, and why “retainer” is the most misunderstood word in the legal world.
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