099: Lead Counsel x They Don't Teach This in Law School Collab: Money!

In this must-listen second installment of the collaborative podcast series between Lead Counsel and They Don’t Teach This in Law School, hosts Tom Tona and Charley Mann dive into one of the most taboo yet essential topics in law firm ownership—money.

If you're a law firm owner constantly asking, “Where the hell did all my money go?”, this episode is your roadmap to finding the answers.

Tom unpacks his utilitarian philosophy on money, treating it as a resource rather than a status symbol. He and Charley explore how financial psychology, identity, and emotional self-awareness shape the financial decisions law firm owners make. Together, they debunk the myth of "not being a numbers person," emphasize the importance of financial literacy for business owners, and discuss how to align spending with long-term goals rather than short-term gratification.

Key Highlights:

• The difference between gross and net revenue and why gross revenue is a vanity metric.

• Common financial pitfalls law firm owners face, from over-hiring to emotional spending.

• How identity, confidence, and emotional intelligence directly impact financial decision-making.

• Why every dollar you spend should contribute to long-term return on investment.

• Real-life stories from successful and struggling law firm owners that reveal the psychology behind money.

• The importance of delayed gratification and how personal financial choices can make or break your firm’s growth potential.

• What a P&L and time audit can reveal about your true business identity.

If you're ready to stop playing defense with your finances and start thinking like an investor, this episode is your wake-up call.

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Podcast Series Information:

This is Episode 2 in an exclusive 8-part series shared across the Lead Counsel and They Don’t Teach This in Law School podcast feeds. For a full understanding of the journey, make sure to listen to Episode 1 on Charley Mann’s podcast and subscribe to both feeds.

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Links and Social Handles

• Tom Tona (Host, Lead Counsel Podcast)

  • Website: https://www.tonalaw.com

  • LinkedIn: Tom Tona

  • X: @NYPITrialGuy

• Charley Mann (Host, They Don’t Teach This in Law School)

  • Website: https://www.lawfirmalchemy.com

  • LinkedIn: Charley Mann

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This podcast is sponsored by TonaLaw.

Attorneys, are you looking for a trusted partner for your New York personal injury referrals? Since 2001, TonaLaw has been the go-to New York personal injury law firm for attorneys and law firms across the United States.

At Tonalaw, we pay legal fee participation to referring attorneys in all jurisdictions where it's permitted. Refer us a case today and experience the TonaLaw difference.

Call us now to discuss how we can work together at 833-TONALAW or visit us at tonalaw.com. Mention Lead Counsel and you’ll speak directly with Tom.