Profit First for Lawyers Move Your Feet to Move Your Mind
“The mindset of so many lawyers in the legal industry is that if I’m having law firm management problems, it must be that I’m just not a good enough lawyer, which of course is nonsense.” – RJon Robins, author of Profit First for Lawyers
In this episode we are joined by Charlee Spilker, Profit First certified controller at How To Manage A Small Law Firm. She shares wisdom pulled from over 30 years in finance and accounting as well as her horse training experience and applies it to law firm profitability. RJon’s powerful clip reveals why many lawyers struggle with business management, while Charlee’s horse story provides a good example of how unconventional methods offer a solution for law firm owners (and horses) who are stuck. If this has been your struggle, then this episode is for you. Charlee’s approach to starting your law firm’s Profit First journey is simple:
- Make the decision to sign up to begin using Profit First accounting principles.
- Open the bank accounts you’ll need to implement Profit First.
- Start allocating funds to those accounts.
The key is being willing to change what’s not working, even when conventional thinking says you should stick with what you know. As Charlee puts it, “What you did 10 years ago doesn’t work today, you’ve got to be ready to pivot.”
Key Takeaways:
- The need to be “right” keeps lawyers stuck in unprofitable patterns
- Law school teaches law, not business management
- Move your feet before moving your mind – take action even when you’re not convinced
- You can’t cut your way to profit, you have to invest your way to profit
- Profit isn’t just about finances, it includes personal and professional satisfaction
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!
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