Profit First for Lawyers

The curtain closes on a sensational season for the Profit First For Lawyers podcast. We thank you for joining us each week for episodes filled with actionable insights. This podcast was launched in advance of the Profit First For Lawyers book publish date. All while RJon was in Paris. The surprise reveal about the podcast to RJon at the July Live Quarterly Meeting (LQM) made for some fun moments on stage. RJon in Paris In a never before seen video from Paris, RJon filmed his experience at a chocolatier. In true RJon fashion, a cup of hot chocolate turned into an insightful teaching moment. Team RJon Favorite Moments As we wrap-up the season we sat down and spoke with members of Team RJon who shared their favorite moments. We also look back on the promises and goals we had for the podcast when it launched in June 2023. Blooper Reel Putting together a podcast with Team RJon and featured guests from distances near and far made for informative and sometimes humorous moments captured on video. Links Mentioned Live Quarterly Meeting (How To Manage A Small Law Firm event) Killing Your Ego (ep 8) Procrastination & Your Favorite Ice Cream Flavor (ep 10) Lina’s bonus video Listen to From The Vault featuring a robust archive of RJon content Connect and Engage Subscribe to the podcast Watch episodes on YouTube Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook Email us your feedback at podcast@profitfirstforlawyers.com And most importantly, order your copy of Profit First for Lawyers today!

Mike Michalowicz, author of Profit First and co-founder of Profit First Professionals talks all things Profit First. Mike shares the story behind Profit First, which he developed after nearly losing everything when his business collapsed. This experience prompted him to study what makes companies profitable. His revelation? Apply the same personal finance “pay yourself first” principle to business finances. Thus, Profit First was born. Now over 800,000 companies use Mike’s approach of taking a percentage off the top for profit before paying business operating expenses. Mike simplifies profitability to this truth – you must be profitable to get out of debt. Taking profit first builds momentum and fuels growth. Mike’s 3 Profit First Tips Beyond emphasizing mindset shifts, Mike provides three tactical tips for getting started with Profit First: Start slow and let it grow: Begin with just 1% of income to build habits over time Use your existing bank: You must see Profit First working Reach for potential: Look at fiscally elite performers in your industry and aim higher Ludicrous Speed We share the forward from Profit First For Lawyers written and read by Mike Michalowicz about an experience he had with RJon and a Tesla. Links Mentioned Small Law Firm Bookkeeping That Does Not Suck How To Manage A Small Law Firm Episode 16 Profit First For Lawyers Interview with Ron & Julie Pollack Mike Michalowicz | www.MikeMotorbike.com Connect and Engage Subscribe to the podcast Watch episodes on YouTube Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook Email us your feedback at podcast@profitfirstforlawyers.com And most importantly, order your copy of Profit First for Lawyers today!

As we approach the end of the season, we look back on RJon’s promise to readers of his book Profit First For Lawyers. “If you implement what I’m going to be sharing with you in this book, your law firm will definitely become more profitable.” RJon Robins, Profit First For Lawyers, Chapter 1 Personal Impact and Professional Benefits In this episode, Karli speaks with law firm owners who share personal and professional results after implementing Profit First. We hear from lawyers new to Profit First and lawyers who have followed Profit First principles for years. Personally, many saw profits accumulate into substantial savings. Others took dream trips or were able to profitably transition to remote work so they could spend more meaningful time with family. Professionally, featured lawyers grew revenues exponentially in months or saw consistent monthly profits after years of breaking even. A few shared how this newfound profitability has given them more confidence and peace of mind. All shared how Profit First changed both their business and personal lives. To see each of the lawyers featured in this episode visit our podcast on YouTube. Connect and Engage Subscribe to the podcast Watch episodes on YouTube Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook Email us your feedback at podcast@profitfirstforlawyers.com And most importantly, order your copy of Profit First for Lawyers today!

This episode packed with Profit First insights features Ron Saharyan, co-founder of the Profit First Professionals. Ron shares practical insights about Profit First fundamentals. He gives actionable tips for law firm owners who want to build a healthy, sustainable, and profitable business by following the Profit First methodology. We also hear about how Ron’s childhood friendship with Profit First author, Mike Michalowicz turned into the Profit First Professionals which is approaching a 10-year milestone. “Profit First does not care what your current financial situation is. It is a framework that will allow you to build the financial muscle memory to help you get out of that financial situation and also prevent you from falling back into it.” Ron Saharyan Co-FounderProfit First Professionals Key Takeaways Start Small: Begin by scrutinizing your P&L to find 3-10% you can allocate to profit. Enjoy the Suck: Reversing years of financial processes and mindset will take time. Be prepared for an adjustment period. Get Support: Lean on your support system (like How To Manage A Small Law Firm) for guidance and answers to your questions. RJon in the Studio RJon shares his own Profit First journey from nearly going under to running a multi-million dollar business. He explains in a Facebook Live clip why the typical excuse of “I’ll begin Profit First once I become profitable” is invalid – Profit First principles lead to profitability. Resources & Links Profit First Professionals Grow My Accounting Practice Podcast episode featuring RJon Robins Connect and Engage Subscribe to the podcast Watch episodes on YouTube Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook Email us your feedback at podcast@profitfirstforlawyers.com And most importantly, order your copy of Profit First for Lawyers today!

In this episode, we have a candid conversation with Marie Drake who shares the story behind why she became a lawyer, her family law practice, and her “No B.S. Divorce” model. She also talks about how a colleague’s drastic transformation led Marie to attend a Live Quarterly Meeting and join How To MANAGE a Small Law Firm four years ago. Marie has embraced Profit First and found RJon’s win-win model works well within her law firm. She advises young lawyers to explore several specialties before selecting one practice area. RJon in the Studio RJon talks about why being profitable professionally and personally is equally important as being profitable financially. He shares the story of “boat days” which produced invaluable business insight and personal satisfaction despite there being more lucrative ways to spend four days. RJon contends that the value he received far outweighed what he would have earned speaking on stages or hosting a workshop. Which illustrates his model of alignment between professional, personal, and financial success. Resources & Links Oscar Ferenczi: Ep 28 Does Your Accountant Have An Entrepreneurial Mindset? The Power of TED by David Emerald Connect and Engage Subscribe to the podcast Watch episodes on YouTube Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook Email us your feedback at podcast@profitfirstforlawyers.com And most importantly, order your copy of Profit First for Lawyers today!

In this revealing episode, RJon flips the script and calls out lawyers who may be sucky clients to their bookkeepers. RJon in the Studio In Chapter 16 of the Profit First for Lawyers book, RJon compares the attributes of disengaged legal clients to how some lawyers treat their bookkeepers. From showing up late (or not at all) to meetings and expecting their lawyers to read their minds to shirking responsibility or not participating meaningfully in their case. These clients can be the most challenging to work with due to their lack of commitment and attention. Typically these are the same clients who often do not get the best outcomes. RJon challenges listeners to take a look at their actions with their bookkeeper. Are they attentive and responsive to their bookkeeper’s questions? Are they an active participant ensuring their bookkeeper has what they need to complete financial reports accurately?  RJon reminds us that the purpose of bookkeeping is to provide a historical record for both tax purposes and to inform on strategic financial decisions going forward. So to avoid being your bookkeeper’s “sucky client” be proactive and clear in your communication.  Connect and Engage Subscribe to the podcast Watch episodes on YouTube Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook Email us your feedback at podcast@profitfirstforlawyers.com And most importantly, order your copy of Profit First for Lawyers today!

This podcast delves into the issue of law firm owners using household money for business expenses, labeled as a form of embezzlement. A lawyer shares struggles of starting a new firm and how implementing Profit First strategies transformed her business. The discussion emphasizes the importance of restructuring finances and paying oneself as a business owner.

Alejandra Leibovich, Co-Founder of How To MANAGE a Small Law Firm, explains how law firm owners can get off the ground and take flight to escape the “doctrine of sacrifice” mentality. She also recounts the early days of How To MANAGE and the origin of TAYE ASTUYA. Stuck on the Ground Running a profitable law firm requires a strategic bird’s eye view. Ale shares how struggling law firm owners stay bogged down in day-to-day tasks such as answering phones or cleaning toilets. This “ground level” thinking focuses on control and quality, but fails to effectively delegate those tasks, create systemized processes, or build in profitability. “The only way for your law firm to grow is for it to help more people.” RJon Robins Steps to Take Off Categorize overhead (Static or Dynamic) expenses. Hire team members who can operate more strategically than you Develop systems for accountability rather than to micromanage Invest in areas such as marketing, training, and planning Learn and then learn some more: Attend business education courses/events Gain insight from profitable law firm owners Cruising Altitude Profitability requires elevating your mindset. By taking flight you grow your firm’s capacity to serve more clients at a higher level. Plus, with increased profits, your law firm will attract rockstar team members to further your business goals. Connect and Engage Subscribe to the podcast Watch episodes on YouTube Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook Email us your feedback at podcast@profitfirstforlawyers.com And most importantly, order your copy of Profit First for Lawyers today! Your future self will thank you!

In this episode of Profit First For Lawyers, RJon explains the revolutionary concept of categorizing overhead expenses as either “static” or “dynamic” to better control costs and increase opportunity for growth. RJon in the Studio RJon goes into detail about the differences between Static Overhead and Dynamic Overhead. He explains Static Overhead as fixed costs like rent, utilities, and subscriptions. Dynamic Overhead expenses include marketing, staff training, and financial planning. While Static Overhead costs are necessary to conduct business, these types of overhead expenses do not directly boost growth or increase profits. On the other hand, Dynamic Overhead fuels expansion and increases growth opportunities. A Cautionary Tale To illustrate the difference, RJon shares a cautionary tale about a law firm with stalled growth. Upon investigating the firm’s tightly controlled marketing budget, it was revealed that a successful employee networking initiative delivering great ROI was sidelined by an overzealous controller. By capping the dynamic marketing initiative, the firm likely missed out on hundreds of thousands in profits. Key Takeaways Categorize your overhead expenses as either static or dynamic Look for opportunities to invest more in dynamic activities Don’t let static caps limit areas of growth Connect and Engage Subscribe to the podcast Watch episodes on YouTube Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook Email us your feedback at podcast@profitfirstforlawyers.com And most importantly, order your copy of Profit First for Lawyers today! Your future self will thank you!

Fear and self-doubt can prevent us from achieving our biggest dreams and reaching our fullest potential. In this special Halloween episode of the Profit First For Lawyers podcast, Karli and Raul discuss how to face fears, unmask ego, and breakthrough limiting beliefs. Key Insights from RJon Their conversation revolves around a clip from a Facebook Live in 2021 of RJon talking through an early draft of the Profit First For Lawyers book. In the clip, RJon challenges the assumption that running a highly profitable law firm requires extreme luck or privilege. He asserts that if instead of making excuses, struggling lawyers spent time with highly successful lawyers they would realize the only difference is the choices made – choices struggling lawyers can also make. Actionable Insights Examine what is holding you back and be honest about the “why”. Focus on making incremental progress rather than huge leaps. Reframe success and give yourself permission to “fail”. Tune into this episode of Profit First For Lawyers to discover how you can unmask the fears holding you back. Connect and Engage Subscribe to the podcast Watch episodes on YouTube Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook Email us your feedback at podcast@profitfirstforlawyers.com And most importantly, order your copy of Profit First for Lawyers today! Your future self will thank you! Listen to past episodes with Raul Longoria: Killing Your Ego | The Power of Boundaries Resources mentioned: Additional information on the Dunning-Kruger Effect can be found in the Killing Your Ego episode. To learn more about Live Quarterly Meetings visit https://howtomanageasmalllawfirm.com