“When we implement Profit First accounting principles in your law firm, we begin by deciding ahead of time what percentage of every dollar of revenue we’re going to scoop off the top and protect for you and your family.”
If your law firm feels like it eats cash faster than you can make it, you’re not wrong. The traditional approach to law firm finances is completely backwards. In this episode we are making the case for why you should stop procrastinating and finally take your profits first. RJon Robins, author of Profit First for Lawyers, explains why the typical formula of “sell as much as you can, pay everyone else first, keep whatever’s left over” simply doesn’t work for entrepreneurial law firm owners who want to be profitable on purpose.
Key Takeaways:
- The traditional approach is backwards
- The reason why Parkinson’s Law also applies to money
- Why Profit First forces innovation
- Gain objective accountability across your entire business ecosystem
- Kick procrastination to the curb
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 button below to start plugging the profit leaks in your firm. Your future self will thank you for it!
Mentioned In This Episode
Focus on Things That Matter with Daniel Ferro
Does Your Accountant Have An Entrepreneurial Mindset? with Oscar Ferenczi
Profit First – More Than Just A Book with Mike Michalowicz
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And most importantly, order your copy of Profit First for Lawyers today!