It’s Never Too Late for Profit First

“A much healthier approach. A much more rational approach is to begin by deciding what you want out of your business first… After all the business is supposed to be there to give you a better life too, isn’t it?” – RJon Robins, author of Profit First for Lawyers

In this episode we hear about a common challenge among law firm owners: feast or famine finances. If this feels all too familiar then this episode is exactly what you need to hear because it is never too late to begin your Profit First journey. But don’t just take our word for it. Law firm owner, Sarah Phillips from Phillips Law in New Orleans, Louisiana joins us to talk about the transformational journey she and fellow law firm owner Bradley Phillips have been on since beginning to take their profits first. This husband-and-wife legal team’s transformation story proves that taking profits isn’t about greed, it’s about stability and treating your business like the asset it should be.

RJon in the Studio

Sarah brought her favorite clip from the Profit First for Lawyers book pages 166-167 where RJon discusses “The Primacy Effect” and how it impacts business profitability. He explains how profit must be baked into every transaction instead of being treated as an afterthought, which is the traditional approach to cash management. This mindset shift forces business owners to be creative and make tough decisions at work rather than at home.

Key Takeaways

• Profit cannot be treated as an event, it must be treated as a habit
• It is not greed to pay yourself consistently, you deserve compensation just like any employee
• You don’t have to implement every aspect of Profit First all at once
• When your business cannot pay you, it is a red flag that something is broken and needs fixing
• The business model should work for you, not the other way around

Get Started Now

So how does someone actually get started with these concepts? Sarah’s advice for hesitant law firm owners is simple: start with baby steps. Begin by paying yourself first consistently and see how it changes your business mindset. Financial stability eases the mental load many business owners experience and allows more strategic and less emotional decision making when challenges aka “problem-tunities” arise. Sarah says they are now able to quickly identify what’s not working and come up with logical solutions since they started taking their profits first.

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 Sarah Phillips directly by visiting: www.nolacriminaldefense.com
• Mentioned in this episode: Mike Michalowicz episode – Profit First – More Than Just A Book
• 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!