Colin Cameron, CPA, CA, takes us through the basics of law firm compensation and profitability and why it's important for law students and new lawyers to understand how billing rates and recording time tie into profits. We discuss the evolution of the business of law, the emergence of law firm business professionals, and how new lawyers can learn from them.

Colin Cameron is the founder of Profits for Partners, Management Consulting Inc. Colin has been advising professional service firms for more than 35 years and in his previous role as COO, he led his firm to become one of the most profitable firms in British Columbia.

He is a management consultant and advises law firms in the following key areas related to profitability: Profitability improvement, strategic planning, firm governance, partner compensation, financial management and operations management.

Episode notes:

Colin's blog: www.lawprofitability.com
Profits for Partners: https://www.profitsforpartners.com/
Author David Maister: https://davidmaister.com/books.mtpsf/

Kimberly Rice joins us to discuss how law students and new lawyers can learn how to become firm rainmakers. Legal competence is the price of admission to law firms these days. To succeed you must set yourself apart, and Kimberly has amazing tips to get you started. Takeaways from this episode include:

- Understand the governance & power structure of your new firm and befriend the power players

- Visibility matters. Seek out opportunities to be seen by those in power, push past self-doubt, and crash the party - don't wait to be invited!

- Relationships and your internal will be your key to success - and this means all law firm staff, not just other lawyers.

- Develop a marketing mindset and a "servant's heart" - what do we mean? You will have to tune in!

With decades of law firm experience, Kimberly Rice is a Chief Changemaker at CHANGEMAKERS, a business accelerator program specially designed to educate, empower and equip women professionals to create the careers of their dreams by charting their own course. She has successfully coached and trained thousands of women professionals to navigate the landmines that stand between them and their perceived obstacles to a more prosperous, fulfilling career and life.

Episode Notes:

- Rainmaker Roadmap: A Step-by-Step Guide to Building a Prosperous Business https://www.amazon.ca/Rainmaker-Roadmap-Step-Step-Prosperous/dp/1942489374

- CHANGEMAKERS: https://werchangemakers.com/

Bena Stock spent over 24 years as a litigator before turning her talents to counselling others. In this episode she draws upon her personal experience, sharing tools that new and aspiring lawyers can use to quiet anxiety, grow confidence, and build a happier and more successful practice. She also addresses common career saboteurs such as imposter syndrome, perfectionism (yes, it's a problem), and the paralysis resulting from fear of failure. You will also learn the significance of "cow paths" - curious? Tune in to find out!

Episode Notes:

- Bena Stock Counselling & Consulting: https://www.benastock.com/

- The Power of Believing That You Can Improve: https://www.ted.com/talks/carol_dweck_the_power_of_believing_that_you_can_improve

- Fake it Till You Make It: https://www.youtube.com/watch?v=RVmMeMcGc0Y

- VIA Character Strengths Survey: https://www.viacharacter.org/

- Change Your Mindset, Change the Game: https://www.youtube.com/watch?v=0tqq66zwa7g

- How to Make Stress Your Friend: https://www.youtube.com/watch?v=RcGyVTAoXEU