”While every law firm owner wants their law firm to be successful, very few out of the tens of thousands of small law firm owners who I’ve met over the years have been able to articulate an objective definition for what it actually means, at least to them, for a law firm to be worthy of being called a successful business.” – RJon Robins, author of Profit First for Lawyers
Most law firm owners want their firms to be successful, but very few can articulate what that actually means. This fundamental gap between desire, definition, and outcome is why so many lawyers struggle with profit-focused thinking.
Profit First Works: Over Time and Across Practice Fields
In this episode’s clip taken from Chapter 3, page 18, RJon highlights the mindset barriers that make lawyers resistant to business principles – barriers that estate planning attorney Morgen Bowers had to overcome herself. As a How To Manage A Small Law Firm member, she shares her unique Profit First journey spanning 9 years and two different practice fields.
Morgen first discovered Profit First accounting principles back in 2016 and implemented it in her law firm in 2018. When Profit First for Lawyers was published in 2023, she experienced the enhanced lawyer-focused approach firsthand as a member of How To Manage A Small Law Firm. Having implemented both versions, Morgen can detail exactly what RJon’s enhancements add to the foundational material. Her successful transition from business law to estate planning while maintaining Profit First principles demonstrates how the methodology adapts across different legal specialties and business transitions.
Key Takeaways:
- Law firm success requires an objective definition that includes financial profit as a core component
- You can both serve clients and own a profitable law firm
- With a service-focused psychology, lawyer entrepreneurs need different advice than general business advice
- Real success requires both real numbers and systematic implementation, not wishful thinking
- Consistency beats complexity, start with a simple implementation of 1% profit allocation
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 Morgen Bowers directly by visiting https://4cornerslegacylaw.com
- Subscribe to the Profit First for Lawyers podcast
- Mentioned: Bookkeeping That Does Not Suck
- 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!