What does it take to finance a modern professional practice when the most important asset is the people?

In this episode of The Firm Report, host Zach Hoffman sits down with Eric Reynolds, Senior Vice President and Financial Advisor at Pinnacle Financial Partners, to discuss the financial strategies that help law firms and other professional practices grow. As the leader of Pinnacle’s Legal Specialty Group, Eric works with law firms, attorneys, and legal-adjacent businesses on both commercial banking and private wealth management.

Eric explains why professional firms require a different financial approach than traditional “widget” businesses, why advisors should consider both the firm’s balance sheet and the partner’s personal balance sheet, and how decisions involving year-end distributions, hiring, recruiting, and long-term growth are connected.

The conversation also explores the pressures firms are facing today, including expansion, recruiting and retention, and mergers and acquisitions. Eric shares why the strongest advisory relationships begin with strategic advice rather than products and explains the proactive mindset that drives results for both businesses and individuals.

In This Episode:

✅ Why professional firms are fundamentally different from traditional businesses

✅ How commercial banking and private wealth services work together

✅ Why banking an associate today can help develop a partner tomorrow

✅ How year-end distributions, hiring, and firm growth are connected

✅ The financial pressures firms face as they scale

✅ Strategies for navigating recruiting, retention, and M&A

✅ Why firms should choose advisors who understand the full picture

✅ The importance of leading with advice and putting products second

✅ How proactive financial planning can improve long-term results

✅ Why “the asset is the people” is central to building a lasting practice

Whether you run a law firm, accounting practice, consultancy, or another professional business built around people, this episode offers practical insight into financial planning, commercial banking, wealth management, recruiting, retention, and sustainable growth.

Episode Highlights:

00:00 – Introduction

00:04 – Meet Eric Reynolds of Pinnacle Financial Partners

00:48 – What is the Legal Specialty Group?

01:33 – Why finances can make or break a firm

02:04 – “The asset is the people”: Banking the firm and its people

02:43 – Banking the next generation from associate to partner

03:08 – Serving boutique firms through Am Law 100 firms

04:07 – The pressures firms face today: scaling, recruiting, and M&A

04:54 – Strategy and consulting: Advice first, product second

05:53 – Eric’s approach to driving results

06:20 – How to connect with Eric Reynolds

🎙️ Guest: Eric Reynolds | Senior Vice President and Financial Advisor, Pinnacle Financial Partners

🌐 Pinnacle Legal Specialty Group: https://pnfp.com/legal-specialty-group

📧 Contact Eric: eric.reynolds@pnfp.com

💼 LinkedIn: https://linkedin.com/in/ericreynolds17

🎙️ Host: Zach Hoffman | Founder and CEO of Exults

Learn more about Exults: https://www.exults.com/

The Firm Report, presented by Exults, brings you candid conversations with firm leaders, advisors, and operators on what it takes to build a practice that lasts.