“It depends on what you mean by profit. This answer will set you free, and as a result, this way of thinking will make your law firm far more profitable.” – RJon Robins, author of Profit First for Lawyers
Defining Profit
What does profit really mean to you? For estate planning attorney Ali Goff, the answer goes far beyond “revenue minus expenses.” In this episode, Ali shares how understanding total owner benefits (time freedom, lifestyle choices, and peace of mind) completely transformed how she runs her firm and designs her life. When faced with a difficult quarter, her commitment to taking distributions even when it felt uncomfortable, forced better decisions and ultimately led to breakthrough growth. Ali’s journey from dismissing Profit First to embracing it reveals why redefining profit is the key to building both a successful business and a meaningful life.
Key Takeaways
- The business should fund the life you want to live
- High standards benefit your team, your clients, and your business
- Your definition of profit should align with your life goals, not just accounting principles
- Consistency in distributions matters more than the size of the distribution
- If you only take distributions when it’s comfortable, you’re not really doing Profit First
Understanding what profit really means for your business and life changes everything about how you run your firm and measure success.
Resource: Profit Leak Assessment
The Profit Leak Assessment is a practical, on-demand course to help law firm owners find thousands of dollars in potential profit leaks. Karli teamed up with Evelyn Aucoin, Financial Literacy and Strategy Expert with How To Manage A Small Law Firm to create this resource for law firm owners. Click the link below to start plugging the profit leaks in your firm. Your future self will thank you for it!
Connect and Engage:
- Connect with Ali Goff directly: www.gofflegal.com
- Mentioned: Mike Michalowicz – Profit First: More Than Just a Book episode
- Subscribe to the Profit First for Lawyers podcast
- Watch episodes on YouTube
- Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook
- And most importantly, order your copy of Profit First for Lawyers today!