Podcasts

We continue exploring how Generally Acceptable Accounting Principles (GAAP) was not meant for non-publicly traded companies like private law firms. RJon in the Studio RJon reviews how GAAP was created by regulators to standardize publicly traded company accounting after the 1929 stock market crashes. He argues GAAP has nothing to do with maximizing private company profits. This is only one of the many reasons why law firm owners should take a closer look at their accounting practices. Profit Should Not Be Left To Chance RJon says GAAP treats profit like luck and lawyers who use GAAP leave their profit to chance. Yet many lawyers still allow bookkeepers and accountants to manage their firms’ accounting using GAAP. In an impassioned plea, RJon urges lawyers to liberate themselves from an accounting system that does not put their law firm’s profits first. Listen to Episode 29: GAAP Was Not Meant For You 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 to podcast@profitfirstforlawyers.com And most importantly, order your copy of Profit First for Lawyers today! Your future self will thank you!

Denise Doonkeen returns to discuss how truthful yet kind communication, even when uncomfortable, leads to better outcomes in business and life. A Coaching Session In The Studio We hear a behind-the-scenes clip of RJon coaching Karli in the studio. After a “flat” reading, he urges her to give him candid and honest feedback about his narration performance. He explains that hard truth is far kinder than being nice. Assume Goodwill Denise shares a story from a previous employment about an uncomfortable talk with an employee. Her kind yet direct approach brought an underlying issue the employee was dealing with to light, which led to a solution. Karli and Denise emphasize the value of a thoughtful delivery when dealing with issues directly. They also discuss the importance of being open, coachable, and lifelong learners. Which is something they have observed in RJon. Listen to Denise in episode 12: Perception vs. Reality 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 to podcast@profitfirstforlawyers.com And most importantly, order your copy of Profit First for Lawyers today! Your future self will thank you!

In our ongoing accounting and tax series, we begin a two episode deep-dive into Generally Accepted Accounting Principles (GAAP). RJon takes a hard look at the origins of GAAP, explores why accountants and CPAs continue to use it, and why opting-out of GAAP is worth consideration. RJon in the Studio We hear a brief history lesson on the creation of GAAP. To do so we journey back to the Roaring ’20s when a booming stock market crashed triggering the Great Depression. This sudden financial collapse underscored the need for standardized financial reporting of publicly traded companies. So, GAAP was created with the goal of establishing rules and regulations to ensure transparency and accuracy in financial reporting. Which allowed investors the ability to make informed investment decisions. Which is a very good thing…for investors of publicly traded companies. This is where RJon reminds listeners that small law firms are NOT publicly traded companies nor are they required to adhere strictly to GAAP. This is also where he encourages law firm owners to prioritize their profits and challenge the conventional use of GAAP by their bookkeepers and accountants. To Be Continued… The second part on the topic of GAAP continues in episode 31. For anyone who wants to skip ahead, turn to page 67 in the Profit First For Lawyers book to read more of RJon’s actionable insights. Reference Source: Visit http://archives.cpajournal.com/2005/105/infocus/p18.htm for additional information on GAAP. 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 to podcast@profitfirstforlawyers.com And most importantly, order your copy of Profit First for Lawyers today! Your future self will thank you!

In this episode, Oscar Ferenczi, General Manager of How To Manage A Small Law Firm, joins Karli in the studio. Oscar with a rich background in business discusses the importance of truth in business, growth strategies, and why it’s essential to seek advice from people who have themselves achieved success. RJon in the Studio While accountants may be adept at accounting for revenues and expenditures, their entrepreneurship and growth expertise might be limited. He emphasizes how important it is for professionals, including accountants, to walk the talk and how crucial it is to be entrepreneurial and growth-focused, not just technically proficient. He challenges listeners to question their CPA’s or bookkeeper’s own business growth strategies and plans with the goal of seeking advice from professionals who practice what they preach. One way to know if you are working with an accountant who has an entrepreneurial mindset is to ask them questions about how they run their business. The questions RJon asks in this clip will sound familiar to those who recall the 7 Parts of Every Successful Law Firm series. Speaking Truths Oscar shares the most profitable advice he’s received from RJon who holds a firm belief in “truth above all”. He and Karli discuss how transformative understanding (and receiving) truthfulness can be as an accelerant to personal and business growth. Oscar also discusses RJon’s “win-win” model, a driving force in deciding when and if projects move forward. 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 to podcast@profitfirstforlawyers.com And most importantly, order your copy of Profit First for Lawyers today! Your future self will thank you!

In this episode, we explore the differences between the oaths and responsibilities lawyers and CPAs have to their clients. Discover what sets them apart and the case for finding a CPA who will advocate for your law firm. RJon in the Studio To gain insight into the core tenants and motivations of professionals such as CPAs or attorneys, RJon examines their respective oaths. One distinction is that an attorney pledges to zealously advocate for their client’s best interest while a CPA’s oath emphasizes serving the broader public interest. Lightbulb Moment Larry Brown (previously featured in episode twenty-four) is back to shed light on the public interest focus of CPAs. Wearing the hats of both CPA and attorney, Larry discusses the benefits of offering CPA services while advocating for client interests as a tax strategist. With his dual backgrounds in accounting and law, Larry Brown presents a singular view on the responsibilities inherent in each profession. 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 to podcast@profitfirstforlawyers.com And most importantly, order your copy of Profit First for Lawyers today! Your future self will thank you!

In this episode we look at the difference between costs associated with an expense and an investment.   Something may seem expensive, but if it helps you achieve your goals, it’s likely an investment not just an expense. Mindset Shift = Peace of Mind Delisi Friday, returns to discuss how one piece of RJon’s actionable advice encouraged her to challenge her mindset and cultural norms. She shares how what was once considered an expense is now a valuable investment in more quality time with her daughter, reduced daily stress, and more joy in her life overall.   RJon in the Studio: RJon reveals why expenses aren’t inherently bad or to be avoided. He explains that just because something costs money does not inherently make it expensive. On the contrary, certain expenses allow you to strategically reinvest in your business and personal goals. The key context is ensuring these costs truly align with and serve your short and long-term goals. Karli’s Biggest Bonus Surprise We hear the hilarious (and heartfelt) backstory behind Karli’s extravagant bonus gift which came out of a conversation during a book marketing meeting earlier this year. After the overwhelming success of the Profit First For Lawyers book launch, RJon surprised Karli with her dream bathroom appliance. Delisi shares the many discussions she had with RJon regarding this particularly unique bonus and the planning which went into turning Karli’s dream into a reality.   We also hear a humorous clip from the recording studio when this particular bonus was discussed in great detail. Though unconventional, this thoughtful gift illustrates the importance of listening, investing in, and celebrating team members who achieve key goals. Have a tissue on hand, because this episode will have you laughing and perhaps even shedding a tear or two.  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 to podcast@profitfirstforlawyers.com And most importantly, order your copy of Profit First for Lawyers today! Your future self will thank you! Listen to Delisi in episode eight: Procrastination & Your Favorite Ice Cream Flavor

In this episode, we uncover key insights about financial and tax advisors – what they do, what their limitations are, and how to know if yours are right for you. RJon in the Studio During the recording session for chapter seven of the Profit First For Lawyers audiobook, Karli asked RJon about the differences between a bookkeeper, a controller, an accountant, and a CFO. RJon answers with a creative description of each role as it relates to a fictional road trip for business travel. CPAs and Taxes In an unaired clip from episode 24: Your Law Firm’s Secret Weapon: Tax Strategist, we hear from CPA and Tax Strategist, Larry Brown. He reveals that unless a CPA receives additional training specific to tax strategy they may not have the knowledge to strategically advise you on your law firm’s taxes. Larry also offers insight into what to look for in a tax strategist advocate. Learn how to build your tax strategy at the next Tax Strategy Workshop. Profit First For Lawyers Book Testimonial Lawyer Melissa Barry shares her experience after reading the Profit First For Lawyers book. As someone who is “not a numbers person,” she found great value in how the book gave her a new perspective and understanding of numbers and the profitability of her law firm. 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 to podcast@profitfirstforlawyers.com And most importantly, order your copy of Profit First for Lawyers today! Your future self will thank you!

In this episode we hear from RJon’s personal and business tax strategist, Larry Brown. As a CPA and Tax Attorney, Larry has a deep understanding of tax laws and a knack for strategic planning. This episode will reshape the way you think about your law firm’s tax strategy. RJon in the Studio RJon challenges the age-old belief that expenses are always a negative. He unveils how, with the right tax strategy, these expenses can be transformed into investments for your business and savings on your tax bill. He emphasizes the importance of proactive tax planning and why it’s vital for every law firm. Tax Strategy Tips: Have a Tax Strategy: Larry emphasizes that most people operate without any tax strategy, and this is their biggest mistake.  Stop Fearing the IRS: Many live in fear of the IRS, which stops them from taking advantage of tax cuts and credits allowed by law.  Implement Your Strategy: Larry stresses that merely having a strategy isn’t enough. It’s essential to put it in place and follow through for it to be effective. You can take the first step right now by attending the next Tax Strategy Workshop: https://profitfirstforlawyers.com/taxes 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 to podcast@profitfirstforlawyers.com And most importantly, order your copy of Profit First for Lawyers today! Your future self will thank you!

Over the past few weeks RJon Robins has shared key insights about the 7 Parts of Every Successful Law Firm…which also happen to be the same for every unsuccessful law firm. In this episode we combine all seven of RJon’s teachings into one single recap show.. If you’ve already heard the full episodes, consider this a focused refresher. If you’ve been waiting for the series completion to binge listen, this is the exact episode you’ve been waiting to hear. Key Takeaways Marketing attracts right fit clients and repels wrong fit clients. Sales is a service you do for clients by providing clarity and options. Production is consistent and reliable when documentation, systems, and processes are in place. Engineer jobs to be mutually profitable. Detailed (and accurate) job description along with measurement, and metrics make it easier to manage People effectively. A right-sized Physical Plant ensures employees have the right tools and resources to do their jobs. Money & Metrics/Financial Controls can be easily understood and monitored through the use of KPIs and dashboards. Your law firm is meant to work for You and Your Goals. You are the farmer, your law firm is the mule. It works for you, not the other way around. Resources Mentioned Your Business Plan Workbook Connect & 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! Links to episodes in the series: Part One: Marketing | Part Two: Sales | Part Three: Production  Part Four: People  | Part Five: Physical Plant | Part Six: Money & Metrics | Part Seven: You & Your Goals

What do boundaries have to do with Profit First? Raul Longoria from Team RJon shares how setting and maintaining boundaries in his personal life set the stage for improved peace of mind. Which has translated into overall profitability in other areas of his life. RJon in the Studio RJon challenges listeners to rethink conventional wisdom by prioritizing their law firm’s profitability. Something which may fly in the face of the advice you may have received from bookkeepers, CPAs, and tax strategists in the past. Given that a profitable law firm benefits clients, staff, and family, shouldn’t that take priority over the comfort and convenience of advisors? Key Takeaways Setting boundaries allows you to make your own profitability a priority Saying “no” can be uncomfortable but is often the kindest thing to do Do not tolerate toxicity just to “keep the peace” at your own expense Holding boundaries encourages others’ growth and potential Surround yourself with people who inspire your greater self 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! <<Hear Raul in episode 8: “Killing Your Ego”>>