Unleash Your Law Firm’s Potential with Profit First
Aug 29, 2024
In this exhilarating season finale, we welcome back Ron Saharyan, co-founder of Profit First Professionals, to explore how the Profit First system can unlock the full potential of your law firm. Ron explains the transformative power of proper financial management, revealing how it can lead to both personal fulfillment and business success.
Through real-world examples and practical advice, he demonstrates how law firm owners can shift from merely surviving to truly thriving. Ron’s insights go beyond simple number-crunching, touching on the psychological aspects of financial decision-making. He touches on the broader impact of a profitable business on employees, families, and communities.
This episode serves as a powerful capstone to the season, offering a roadmap for law firm owners to reimagine their practices, take control of their finances, grow their practice, and achieve the success they’ve always dreamed of.
“You made the decision to be a lawyer…You made the decision to start your law firm. You may not like your firm, but you have every opportunity to change that by working with How To MANAGE a Small Law Firm. Implement Profit First. It’s the combination of those two that are going to rocket fuel your law practice.” – Ron Saharyan
Key Takeaways
Practical steps for implementing Profit First, including the “$100 Challenge” for accountability
How Profit First can be a powerful growth tool for law firms of all sizes
Strategies for overcoming common financial hurdles and mindset blocks
The ripple effect of running a profitable law firm on personal life, staff, and community
Profitable law firm owners track and analyze their SKUs and in this episode we learn why. SKUs (Stock Keeping Units) in the context of law firms refer to an accounting of all the time that goes into producing a specific legal service. Dawn Mobley, Practice Management Advisor, COO at How To MANAGE a Small Law Firm shares her expertise on creating and optimizing SKUs to boost law firm efficiency and profitability.
Dawn explains how using the SKU Calculator simplifies the often intimidating process of SKU analysis into a manageable process for law firm owners. She shares real-world examples of how detailing and tracking SKUs leads to a more profitable law firm.
“Some of the benefits of using the SKU Calculator and doing your SKUs is that it clearly shows you what the cost is of producing whatever service you’re providing.” – Dawn Mobley
Key Takeaways
Understanding SKUs and their importance in law firm management
How SKUs can help identify opportunities for delegation and optimization
The relationship between SKUs, profitability, and efficient service delivery
Practical tips for implementing SKU analysis in your law firm
Classic Questions
In this segment, Dawn shares an audiobook clip of her favorite part of the Profit First for Lawyers book. She focuses on Chapter 5, specifically Production, the third of The 7 Main Parts of Every Successful Law Firm. Dawn discusses the importance of documented systems and procedures for every role and task in a law firm. Additionally, she reflects on a profitable action she has taken over the last year inspired by RJon’s teachings. An impactful use case for how these concepts can be personally beneficial.
Simplifying COGS: Cost of Goods Sold by Law Firm Owners
Aug 20, 2024
In this enlightening and entertaining episode, we look into the concept of Cost of Goods Sold (COGS) and its importance in law firm profitability. COGS, the direct cost associated with producing your law firm’s services, is a key metric that can reveal the true profitability of your offerings. For readers of the Profit First for Lawyers book, this episode draws from Chapter 15: A Much Deeper Dive Into The Drivers Of Profit Than Most Struggling Law Firm Owners Are Ever Willing To Take.
To drive home the simplicity of understanding COGS, RJon employed a unique approach: he taught the concept to a group of teenagers. These teens then presented it on stage to their lawyer parents at a How To MANAGE a Small Law Firm Live Quarterly Meeting. This innovative method not only simplifies COGS but also demonstrates why understanding this metric is crucial for law firm owners to identify their most profitable services and make informed decisions on their offerings.
Ready to transform your law firm’s profitability? Tune in to learn how knowing your COGS could be the boost your practice needs!
“You cannot lose money on your gross profits and think you’re going to make it up on volume, notwithstanding the fact that lots of lawyers try to do that. Eventually you got to pay the piper.” – RJon Robins
Key Takeaways
How COGS can reveal which law firm services are truly profitable
The simplicity of COGS when broken down into basic components
The relationship between gross revenue, COGS, and net profit
This is an eye-opening episode on a critical yet often uncomfortable topic: the role of ego in law firm management. Featuring exclusive content from RJon Robins’ audiobook recording sessions, this episode serves as a stark reminder of the importance of facing financial facts head-on. With an emphasis on the need to confront realities, no matter how unpleasant they may seem. By sharing anonymous real-world examples and offering practical advice, RJon provides a wake-up call for law firm owners to make decisions based on data rather than ego.
“Truth is reality. Reality is truth. Truth does not depend on us to approve of it…Truth doesn’t depend on us to like it. Truth doesn’t depend on us to agree with it. Truth is what truth is. It is just reality.” – RJon Robins
Key Takeaways
The danger of confusing positive cash flow with profitability
The importance of looking beyond surface-level financial indicators
The risks of ignoring financial realities in your law firm
The value of seeking objective opinions and trusting data over gut feelings
The necessity of checking your ego when making business decisions
In the conclusion to our three-part series on crucial financial reports, we welcome back financial expert and author Greg Crabtree. We pick up right where we left off with an explanation of labor efficiency ratios and their critical role in profitability. Greg talks about the economic shift from what he calls the “Participation Trophy Economy” of the last 20 years to the current “Street Fighter Economy,” and the need for competitive businesses to adapt their strategies.
Greg breaks down complex financial concepts into actionable insights for law firm owners. His practical advice on implementing and interpreting labor efficiency ratios provides a roadmap for increased productivity and sustainable growth even in challenging economic times.
“Entrepreneurs think they can grow their way out of lack of profit. And we call that, stage one of denial. So you got to fix it before you can grow it.” – Greg Crabtree
Key Takeaways
Understanding and implementing the 2:1 labor efficiency ratio
Differentiating between direct labor and management labor
Strategies for balancing high and low efficiency across different roles
The challenges of having ‘protected species’ on payroll and the need for fair evaluation
Using the calendar as a productivity tool instead of to-do lists
Labor Cost Ratio: Unlocking Law Firm Profitability
Aug 08, 2024
In this informative and engaging episode, we continue our three-part series on crucial financial reports, focusing on labor cost ratio – a vital metric that RJon Robins identifies as a key factor in building and maintaining million-dollar law firms.
Greg Crabtree, author of ‘Simple Numbers, Straight Talk, Big Profits,’ dispels accounting myths and reveals the simple truth behind labor and profit. By breaking down complex financial concepts, Greg makes them accessible to law firm owners at every stage of their firm’s growth, regardless of current revenue.
“Labor is the only cost that comes to work every day with an attitude. And it’s got some good days and it’s got some bad days. And I’ve got to find a way to get it to perform consistently. That is in its best interest and my best interest. And then we both win.” – Greg Crabtree
Key Takeaways
The role of labor cost ratio in law firm profitability
Understanding the 2:1 ratio of gross margin to labor costs
How to categorize and balance different types of labor in a law firm
The concept of capital heavy, moderate, and light businesses
The importance of proper capitalization and cash reserves
Financial Controls: 4 Reports For Every Law Firm Owner
Aug 06, 2024
We kick off the first of a three-part series on crucial financial reports that can transform a law firm’s profitability from RJon’s boat, “The Office”. This episode demystifies financial controls which many lawyers unnecessarily over-complicate. Instead, we focus on the four reports every law firm owner should look at, and most importantly understand, each month.
Set against the backdrop of Miami’s scenic coastline and an approaching storm, RJon offers a uniquely engaging perspective on mastering law firm finances. His straight-forward, no-nonsense style breaks down the value of monthly financial reports without resorting to complex math. Lean in and listen as RJon makes sense of the data your bookkeeper sends each month in a way that’s both accessible and actionable.
“If I only had one financial report to look at every month, I would look at my Budget Variance Report. “
– RJon Robins
Key Takeaways
RJon’s insights on interpreting and acting on financial data
The four reports every law firm owner should review each month:
12 Month Forward Looking Budget
Cash Flow Projection
Budget Variance Report
Work in Process (WIP)
How these reports can prevent cash crunches and improve profitability
In this episode we hear from Brad and Sarah Phillips about their journey from struggling solo practitioners to successful law firm owners. They offer a candid look at the challenges they faced and the transformative solutions they discovered after implementing strategies from How To MANAGE a Small Law Firm.
With over a decade of experience running their law firm, the Phillips found themselves at a crossroads, questioning whether to keep their doors open. Their story takes an inspiring turn as they reveal how implementing systems and processes, along with a crucial mindset shift, led to significant increases in their business.
“Happier attorneys don’t just make more money, but we’re also better attorneys for our clients because we’re happier.” – Sarah Phillips
We not only hear the highlights of these professional moments, but also learn how these changes improved their quality of life. This demonstrates the direct correlation between personal satisfaction and financial success in law firm management. This episode showcases the profound truth behind one of RJon’s famous sayings, “Happy Lawyers Make More Money”.
Key Takeaways
Implementing systems and processes led to nearly doubling of their business
Set clear boundaries with clients, including communications policies
Overcome the fear of change and embrace new business practices
Focus on personal, professional, and financial goals in your business planning
The Unexciting Secret To Law Firm Success
Jul 30, 2024
In this episode we hear RJon talk about an often overlooked yet critical aspect of running a successful law firm: Systems, Processes, and Procedures. If you previously found episode 13 helpful, you are in for a real treat as RJon expands upon the concept of the 3rd part of the 7 Main Parts of Every Successful Law Firm: Production. This episode builds upon that foundation offering a more in-depth look at why developing robust systems is the key to creating a law firm that can run efficiently without constant owner intervention.
“Your systems don’t need to be perfect. If you wait till your systems are perfect, your systems will be useless.” – RJon Robins
Actionable Steps
Schedule a set time each week to document your law firm’s systems
Start with one process and break it down step-by-step
Implement and test your documented systems, then refine as needed
Key Takeaways
Why clear motivation is crucial for implementing systems
Understanding that initial systems may be imperfect, but are necessary
Recognizing systems in everyday life and business.
How lack of systems leads to personal sacrifice and inefficiency
The importance of “quiet courage” in building effective systems
How To Hire (And Keep) A Superstar Staff
Jul 25, 2024
In this episode we look at the critical aspects of building and retaining a superstar staff for your law firm. Nichole Hanscom, Director of Special Projects at How To MANAGE a Small Law Firm makes a return visit to the show. Nichole, drawing from her extensive experience, shares invaluable insights on recruiting top talent, implementing effective onboarding processes, and developing essential leadership skills. She challenges law firm owners to rethink their hiring strategies, the long-term benefits of hiring experienced attorneys, and the power of specialization.
This episode offers a roadmap for transforming your law firm into an A-plus business that attracts and retains A-plus talent. Whether you’re struggling with high turnover or looking to take your team to the next level, Nichole’s wisdom and actionable tips will help you build a thriving, profitable law practice.
If you want A-plus employees, you have to start building an A-plus business. You have to become an A-plus leader.
Key Takeaways
Recruiting Superstar Staff
Use professional recruiters to find top talent
Look beyond job boards and work your network
Effective Onboarding
Invest time in proper onboarding for new hires
Ensure new employees understand your mission, vision, and values
Leadership Skills
Develop self-awareness as a leader
Aim to hire people smarter than yourself
The Importance of Job Descriptions and KPI’s
Use objective metrics to evaluate employee performance
Protect both employees and employers from favoritism
Hiring Experienced vs. Newly Barred Attorneys
The benefits of hiring more experienced, higher salaried lawyers
How to calculate return on investment for higher-paid employees
Niche Down and Dominate
The power of specializing in a specific area of law
How niching down can improve marketing, hiring, and systems
So You’re Looking To Hire Some Staff…
Jul 23, 2024
In this episode we look at the critical aspects of hiring, training, and managing your law firm’s staff. RJon pulls back the curtain on what all law firm owners should know about building and managing their team. When done well your staff will go from a source of stress to one of your most valuable assets. So, whether you’re struggling with hiring fears, battling high turnover, or simply feeling overwhelmed by day-to-day management, this episode is your roadmap to creating an A-team that will propel your firm to new heights. Get ready to discover how to turn your law firm from a prison cell into a joy-filled, profit-generating machine.
“If someone isn’t growing with your organization every month, every quarter…your organization isn’t really doing its entire job.” – RJon Robins
Key Takeaways:
Overcoming Hiring Fears
Your people are your most appreciable asset
Investing in your team can yield unlimited returns
A well-built team allows you to focus on leadership rather than “plate spinning”
Defining Team Player Categories
A-Players: Aligned with your mission and purpose
B-Players: Like you but not necessarily motivated by your mission
C-Players: Ambivalent about the job
D-Players: Passive resistors
F-Players: Actively in revolt
Creating Systems for Success
Importance of documented policies, procedures, and job descriptions
Regular performance reviews to track growth and alignment
Focus on the problem, not there person, when addressing issues
Links Mentioned
– Ep 15 The 7 Main Parts of Every Successful Law Firm: Part 4 – People Audio | Video
In this bonus episode of the Profit First for Lawyers podcast, we hear about the common pitfalls law firm owners face and how to overcome them. This episode is packed with actionable advice by experts from How To MANAGE a Small Law Firm and law firm owners to help you grow your business.
In this episode we hear RJon fired up on The Lawyer Millionaire podcast hosted by Darren Wurz. RJon drills into the driving force behind his mission to liberate law firm owners and why he wrote the book Profit First for Lawyers. He shares his definition of a successful law firm and explains why taking your profit first is crucial not just for the law firm owner’s wellbeing, but also for providing the best service to clients.
Defining a Successful Law Firm
RJon breaks down the three key elements that define a successful law firm:
It serves you financially by generating enough profit for you to live the life you want.
It serves you personally by giving you control over your time and supporting your family life.
It serves you professionally by allowing you to make a positive impact in the world.
Why Your Law Firm Needs To Be Profitable
RJon argues that taking profit first is an ethical obligation, not just a nice-to-have. Clients expect and deserve to have a lawyer who is in the right frame of mind to provide the best possible service. Financial struggles and the resulting stress and distractions prevent lawyers from showing up as the best possible versions of themselves for their clients, which also has a negative impact on their family and personal life.
Key Takeaways
A successful law firm serves you financially, personally, and professionally
Taking your profit first is good for everyone (you, your firm, your family, your clients, and your staff)
The Profit First for Lawyers book lays the foundation for law firm owners to implement the Profit First methodology found in the Profit First book by Mike Michalowicz
We are taking a mid-season break after this episode to bring back some of your favorite segments from the first season. Stay tuned for updates and behind-the-scenes content on our social media channels and in our newsletter. We’ll be back in June with even more great content!
Subconscious Sabotage
May 14, 2024
In the final part of our four-part series on sales, RJon explains how our subconscious can interfere with sales calls, creating a tornado of self-doubt and negative self-talk. He stresses the importance of controlling the inner voice and maintaining a calm (and boring) approach to sales.
Price is Secondary
RJon uses ice cream flavors to demonstrate that when clients focus on the outcomes they desire, price becomes a secondary concern. He illustrates this by walking a How To MANAGE a Small Law Firm member through an exercise that showcases the flexibility of pricing based on what they do or do not value.
Key Takeaways
Control your inner voice and maintain a calm (and boring) approach to sales.
Help clients decide what they want before discussing price.
Be aware of the 10 common sales mindset issues that can hinder success
Focus on being useful to your clients and bringing value to the table.
G.A.S Calls: How To Sell Legal Services To Repeat Clients
May 09, 2024
In part three of our four-part series on sales, we are rejoined by How To MANAGE a Small Law Firm’s very own sales expert, Tania Music. In this episode, Tania shares how showing your current, former, and potential clients you care is a powerful strategy to grow your business.
G.A.S. Calls
We begin with a clip from RJon who introduces the concept of G.A.S. Calls, which stands for “give a shit calls.” These calls involve genuinely caring for your clients, checking in on them, and offering help or resources even if it doesn’t directly result in new business for your firm. By consistently showing clients that you care, you stay top of mind and increase the likelihood of future business and referrals.
Tania further expands upon this by offering practical and actionable tips for getting started with making G.A.S. Calls. She encourages law firm owners to involve their team, and make G.A.S. Calls a regular part of their law firm’s practice. She gives several examples of law firm owners who have seen massive growth after implementing G.A.S. Calls on a regular basis.
Key Takeaways
G.A.S. Calls are about genuinely caring for clients, not just seeking new business
Consistently showing clients that you care leads to increased referrals and revenue
Overcoming fear and dedicating time to G.A.S. Calls is crucial for business growth
Involve your entire team and schedule an entire day to make G.A.S. Calls
Classic Questions
In this segment, Tania introduces an RJon clip from the Profit First for Lawyers audiobook studio session that addresses the importance of embracing law firm profitability and growth. He challenges the notion that lawyers want anything less than a fully successful business. RJon points out that a more successful law firm typically helps more people or provides greater value to the same number of clients.
Expanding on RJon’s perspective, Tania builds upon this idea by challenging the limiting belief that profit is bad or that staying small is more noble. Instead, she argues that profit is necessary for a law firm to achieve its full potential and make a greater impact. This approach benefits everyone – clients, employees, and the law firm owner’s family. This segment underscores the transformative mindset shifts necessary for law firm owners to build successful and impactful businesses, aligning with the core principles in the Profit First for Lawyers book.
We continue our four-part series on sales by examining the mindset culprits that could be preventing law firm owners from increasing their conversion rates. In this episode, RJon pulls no punches as he drills down to the core of what makes a successful sale. Turns out, it’s not about you.
Sales Is Simple…And Boring
RJon states that the technique of selling is simple and can be taught in just a few minutes. What is not so simple is the mindset of selling. Something, which can be overcome when sales is reframed from a focus on your needs to a focus on the client’s needs.
Blocking Sales Success
RJon identifies four main mindset issues that often hinder sales success:
Desperation: Focusing on your own needs rather than being of service to the client.
Victim Mentality: Seeing yourself as a victim instead of a creator.
The need to be liked: Prioritizing being liked over being honest and helpful
The need to be right: Stemming from ego, this need prevents you from understanding the client’s perspective.
By focusing on understanding the client’s needs and reasons for buying your services, you can become a more effective sales professional and ultimately grow your law firm.
Key Takeaways
Sales techniques are simple, but mindset issues can block success
Desperation, victim mentality, the need to be liked, and the need to be right are the four main mindset culprits
Focus on being of service to the client by understanding their reasons for buying your services
Sell Is Not Just Another Four Letter Word
May 02, 2024
We’re kicking off a four-part series on a topic most law firm owners either love or love to hate: sales calls! Not to worry, we’ve got Tania Music, How To MANAGE a Small Law Firm’s very own sales expert leading the way.
Reframing the Sales Mindset
Tania shares her journey into sales and how she learned that a true sale is about helping people and connecting them with the solutions they need. She stresses that the goal of a sales conversation should be to leave the prospect better off, with more clarity and understanding regardless if they choose to work with your law firm.
A Simple Sales Process
Tania breaks down four key steps to a successful preliminary sales conversation:
Confirm the time and duration of the call
Assure the prospect of conversation confidentiality
Get permission to take notes
Set an agenda
She also advises law firm owners to slow down, get curious, and focus on the prospect’s needs and desires rather than jumping straight into problem-solving mode.
The Ethics of Non-Attorney Salespeople
Tania addresses the common misconception that having non-attorney salespeople is unethical. She clarifies that as long as the salesperson is not providing legal advice and the attorney reviews the case before accepting it, there is nothing unethical about this approach. In fact, it can be more ethical because it allows the firm to help more people by removing the attorney as a bottleneck in the sales process.
Key Takeaways
True sales is about helping people and connecting them with solutions
When you slow down and get curious about a prospect’s needs you’ll have more satisfying (and rewarding) results
Having a non-attorney salesperson on your staff is an effective growth strategy
Classic Questions
In this segment, Tania introduces a humorous clip of RJon emphasizing the importance of having a non-attorney salesperson in a law firm. His practical advice encourages law firm owners to focus on legal work and maintain a better work-life balance. Building on this concept of work-life balance, Tania shares her own experience implementing similar principles. She expands upon finding her own balance when she took a month off, which led to significantly positive changes in her life. This segment reinforces the importance of making strategic staffing decisions that can improve overall quality of life.
In this episode, we hear a clip from a marketing interview RJon did with Draye Redfern from the Daniels-Head Insurance Agency (DHIA), one of a 12-part webinar series. The concepts and strategies RJon shares are time-tested and can help law firm owners increase their ROI while making better use of their marketing budget.
The Importance of Fundamentals Over Trends
RJon talks about why focusing on marketing fundamentals like Direct Response Marketing are instrumental in building your business. Even when new trends or technology are gaining momentum, he advises against getting swept away (and distracted) from your core messaging and ideal client avatar. Instead he suggests testing out the latest marketing trends while maintaining proven marketing.
Is Your Marketing Agency Asking The Right Questions?
When working with marketing agencies, small law firm owners need the ability to track and measure all marketing dollars. RJon points out that some marketing agencies fail to ask crucial questions about your target audience, ideal client, and the law firm’s unique value proposition. This approach can lead to unpredictable, unsatisfactory, and costly results.
Key Takeaways
Build your marketing based on fundamentals, not just trends and technology
Get clear on your message: Identify who you’re helping, why you’re helping them, and how you’ll make their life better
Focus on attracting and nurturing relationships with your ideal clients
Work with marketing agencies that track and measure marketing campaigns and prioritize strategy over tactics
In this episode we are definitely not in Kansas anymore. Get ready for an action-packed and highly profitable episode with How To MANAGE a Small Law Firm’s own marketing wizard, Brian Horn.
Brian discusses effective marketing strategies for law firms and the newest marketing tool he is using to great effect, AI. He shares insights on leveraging AI, tracking ROI, managing vendors, and crafting targeted messaging to attract ideal clients.
Integrating AI Into Law Firm Marketing
Brian explains how he’s helping law firms integrate AI into their marketing efforts to create more targeted, avatar-focused campaigns. With custom prompts, law firms can generate personalized content for specific audiences, leading to increased conversions and revenue.
Crafting Targeted Messaging For Ideal Clients
To attract their ideal client, Brian advises law firm owners to identify the commonalities among the clients they’ve helped the most and craft messaging that speaks directly to them. By being authentic and focusing on the people they genuinely want to serve, law firms can experience greater personal satisfaction and financial success.
Key Takeaways
Track ROI for all marketing efforts
Hold vendors accountable for meeting your marketing goals
AI can be a powerful tool when integrated into your overall marketing strategy
Identify your ideal avatar based on the clients you’ve helped the most and craft authentic, targeted messaging
Consider leveraging LinkedIn and referral marketing to significantly increase referral business
Classic Questions
In this segment, Brian introduces a clip from RJon highlighting key performance indicators (KPIs) as warning lights, signaling areas needing law firm owner attention. Building on this concept, Brian highlights the role KPIs play in guiding data-driven strategies, particularly in marketing efforts. Brian also shares insights on the positive impact of structured time management, which has improved his overall work efficiency and productivity. He closes out this segment with practical tips on how to introduce time blocking into your work day.
Simplifying The 7 Main Parts of Every Law Firm
Apr 23, 2024
As a lawyer, your education and expertise make you one of the smartest professionals in the world. However, when it comes to running a law firm, that same brilliant mind can sometimes be your own worst enemy. In this episode of the Profit First for Lawyers podcast, we tackle the issue many law firm owners face when they over-complicate their business plans. It’s time to put on your business owner hat and make decisions that will help you profitably manage your law firm.
Believe You Can
The biggest challenge in helping law firm owners grow their business is getting them to believe it’s possible. Many sabotage their own success by believing that success is “for someone else,” making it more complex than it really is. However, the principles of building a successful law firm are simple and predictable. Listen in as RJon uncomplicates your path to business success with an informative explanation of The 7 Main Part of Every Law Firm: Marketing, Sales, Production, People, Physical Plant, Money & Metrics, and YOU!
Key Takeaways
Think like a business owner, not just a lawyer, when running your law firm
Focus on simplifying the seven parts of your law firm
Don’t overcomplicate the process of building a successful law firm
Believe in the possibility of achieving your goals
The 7 Main Parts of Every Successful Law Firm series based on Chapter 5 of the Profit First for Lawyers book is something long-time listeners will remember from the first season of the podcast. Links to these popular “Tea Time with Karli” episodes can be found below:
Ep. 9, Ep. 11, Ep. 13, Ep. 15, Ep. 17, Ep 19, Ep. 21, and recap Ep 23
Get ready to look into the crystal ball to see the stages of your law firm’s growth with Nichole Hanscom, Director of Special Projects at How To MANAGE a Small Law Firm.
Predictable Law Firm Growth Stages
Nichole breaks down the predictable stages of law firm growth with practical insight on the challenges and opportunities that come with each stage. When law firm owners know what to expect within each stage they can make more intentional decisions and minimize growing pains.
As law firms reach the higher stages of growth, owners have the freedom to choose their own path — whether that means continuing as CEO, transitioning to a founder role, or exploring new entrepreneurial ventures.
Key Takeaways
Law firm growth follows predictable stages based on gross revenue
Each stage presents unique challenges and opportunities
Understanding these stages can not only minimize growing pains, but also prepare law firm owners to make intentional decisions for future success
Higher stages of growth offer the freedom to choose your own path
Classic Question
In this segment, Nichole introduces an RJon clip where he encourages law firm owners to grow their practices, as this growth allows them to help more people. Nichole explains how this concept resonates with her personally and how this reframing works with law firm owners who feel conflicted about expressing their desire for financial growth. She then shares how that idea, combined with understanding the concept that true profitability must encompass personal, professional, and financial fulfillment, led to a significant shift in her own thinking and career path.
In this episode we explore the surprising truth that many people, including law firm owners, may be more afraid of success than failure. This is a concept that may seem counterintuitive. After all, why would we be afraid of success? RJon explains how our subconscious mind often seeks comfort and familiarity, even if it means holding us back from achieving our goals.
Failure Is Familiar
To further illustrate this, RJon shares his own experience of hitting rock bottom in 2007 and realizing that his fear of success, not failure was holding him back. He explains that failure was familiar, while success was unknown and uncomfortable. To overcome this, RJon challenged his subconscious resistance and actively worked against it. This is a strategy he advises others to use in order to reach their full potential..
A Simple Business
To overcome the fear of success within your business, it is essential to set up systems and process that promote success. RJon stresses that law firms are simple businesses to run when basic practices are set into place. This includes creating a business plan, tracking cash flow, and documenting systems, policies, and procedures. By consistently implementing and maintaining these processes, you increase your chances of success.
Key Takeaways
Many people are more afraid of success than they are of failure
Our subconscious mind seeks comfort and familiarity, even it it means holding us back from achieving our goals
To overcome fear of success, be aware of your subconscious resistance and challenge it
Law firms are simple businesses to run when focused on basic foundational practices
Create A Business Plan To Maximize Your Profits
Apr 11, 2024
Now that you know you need a business plan, it’s time to understand how to put one into place for your law firm. We are joined by Erika Ferenczi. Director of Programs at How To MANAGE a Small Law firm who simplifies the process of developing your business plan.
The Importance Of A Business Plan
Erika removes the barriers to building your business plan with a simple and strategic process that removes what many law firm owners feel is a complicated and time-consuming document. The fact is your business plan should explain in plain English how the business will make a profit and provide the money the owner needs to live the life they want to live.
Reverse Engineering Your Goals
To create a business plan, Erika suggests these steps:
Identify where you are now and where you want to be in terms of personal, professional, and financial goals.
Determine the number of sales, leads, and consultations needed to reach your revenue target.
Smaller law firm owners should develop a marketing plan focused on grassroots strategies to generate leads
Outline the seven parts of the business: marketing, sales, production, people, physical plant, financial reports, and you.
Identify the skills you need to develop as a business owner to be more successful.
Key Takeaways
A business plan should be simple, straightforward, and focused on achieving your personal and professional goals.
Reverse engineer your goals to determine the sales, leads, and marketing efforts needed to reach your targets.
Your success in life will be directly related to the level of accountability you have with yourself.
Think about buying two different hats to represent the two hats you wear as both a lawyer and law firm business owner.
Classic Questions
In this segment, Erika discusses one of RJon’s core philosophies from “Profit First for Lawyers,” of replacing magical thinking with systematic business practices. Erika expands upon this, noting the issue extends beyond law to other professions, where expertise alone will not guarantee success. Instead she recommends law firm owners take action on the teachings within the book to build a thriving and profitable business.
This episode lays the foundation for the importance of a well-crafted business plan that outlines how your law firm serves its clients, your family, and yourself.
From The Cutting Room Floor
In a never-before-heard clip from the studio, RJon and Karli discuss why law firm owners need a business plan they can take action on. He emphasizes the need for every law firm owner to have a documented plan explaining how they plan to:
Attract clients
Make sales
Deliver products or services
Generate revenue consistently and predictably
Convert revenue into profit reliably
Establish systems, processes, and procedures for the business to continue functioning even if the owner steps away
Are You Building A Business Or A Job?
To further illustrate a practical (and profitable) way to approach the mindset around building a business, we play a clip from “Killing Your Ego with Raul Longoria”. In this clip, Raul shares his experience of RJon challenging his new graphic design business. RJon helped Raul realize that he was creating a job for himself rather than a sustainable business opportunity.
Key Takeaways
A written business plan is crucial for the success and sustainability of your law firm
Don’t feel bad if you’ve invested in a business without a clear plan; learn from it and move forward
Build a business that can function independently of you
In this episode, Beckie Moriello shares their journey from struggling solo practitioner to million-dollar law firm owner. Despite working long hours in their immigration law firm, Beckie found themselves confused and frustrated when their undocumented clients were earning more than they were.
Turning Points
There were two key moments which prompted Beckie to seek change:
Passing the specialization exam in North Carolina, putting them in the top 4% of attorneys
Turning 40 and realizing they needed to figure out how to run their firm better
After researching various practice management companies, Beckie decided to join How To MANAGE a Small Law Firm (HTM) convinced by their expertise and the potential for positive change.
Problem-Tunity
With HTM’s guidance, Beckie focused on improving the firm’s operations and client service. Working with HTM over the past 3+ years allowed them to free up their time, become more profitable, and help more clients. More recently they have achieved a long-held dream that is greatly impacting their community through outreach, fundraising, and mentoring.
Key Takeaways
Recognize that a badly run law firm can become a well-run law firm with qualified external solutions
You can experience profit (personal, professional, and financial) in your business and life
Life is a just employer; it gives you what you ask for
Every problem contains an opportunity, and every opportunity is wrapped in a problem
Don’t be afraid to make decisions as the law firm owner
Classic Questions
In this segment, Beckie introduces a Profit First for Lawyers audiobook clip that focuses on the importance of clear job descriptions and responsibilities for staff members. RJon highlights how well-defined roles protect both employees and employers, preventing misunderstandings and improving overall efficiency. Beckie shares how putting this concept into practice has positively impacted their firm. Beckie discusses a powerful lesson they learned about redefining profit beyond financial terms and the transformative impact of RJon’s “no complaining” challenge on their personal and professional life.
In this episode we tackle a harmful and self-limiting belief that runs rampant in the legal community, the Doctrine of Sacrifice. Which is a belief that celebrates sacrifice for the sake of sacrifice, elevating it above all else. This is something which negatively impacts lawyers’ lives and businesses.
Defining “The Doctrine of Sacrifice”
RJon explains that “The Doctrine of Sacrifice” traces its roots back 500 years to a lawyer who was canonized as the patron saint of lawyers. This doctrine:
Elevates sacrifice above all else, holding that sacrifices is the end and not just the means
Celebrates sacrifice for the sake of sacrifice, presupposing that sacrifice is good for its own sake
Leads lawyers to compare and brag about how much they sacrifice without focusing on the value they create
What’s More Profitable, Sacrifice or Value?
RJon’s definition of profit is something you exchange that you value more of something you exchange for something you value less. This stems from a voluntary exchange where both parties profit. He stresses that businesses will not profit without helping others profit as well.
He emphasizes that clients care about the value they receive and not how much a lawyer sacrificed working on their case or matter. Which highlights one way sacrifice can limit the ways in which lawyers create value for their clients and ultimately for themselves.
Rejecting “The Doctrine of Sacrifice”
RJon and How To MANAGE a Small Law Firm executive Oscar Ferenczi discussed this is further detail during the 12 Days of Law Firm Growth. Lawyers who focus on what they want out of life reject this common concept. By doing so, lawyers can:
Take control of their lives and do thing that serve them
Be happier, more productive, and more profitable
Reach their fullest potential and help more people in the process
Key Takeaways
“The Doctrine of Sacrifice” is a harmful belief that celebrates sacrifice for its own sake
Clients care about value, not how much lawyers sacrifice
Profit is exchanging something you value less for something you value more
Rejecting “The Doctrine of Sacrifice” leads to a happier, more productive, and more profitable life.
In order to know if you will achieve your goals you first have to know where you are right now. In this episode, Financial Literacy and Strategy Expert, Evelyn Aucoin talks about identifying your Total Owner Benefits and then reverse engineering your way there.
Defining Total Owner Benefits (TOB)
Evelyn stresses the importance of working with a tax strategist to maximize fringe benefits while staying compliant. Law firm owners should define their TOB targets proactively rather than letting them happen by chance.
To attain your desired TOB, Evelyn outlines the following steps:
Define your Total Owner Benefits vision
Understand your current financial reality
Identify milestones, set targets, and track progress
Analyze your current lead generation and conversion rates
Know your A & B avatars and focus on serving them
She shares several examples of lawyers who are empowered and selective of the types of clients they serve as part of their Total Owner Benefits of happiness and success.
Key Takeaways
• Define your TOB goals in the context of your financial, personal, and professional aspirations
• Know where you are today in order to create a realistic road map toward your goals
• You manifest with your feet so take action by breaking down your goals into smaller micro-actions
Classic Questions
In this segment, Evelyn shares insights on a core “Profit First for Lawyers” concept: the idea that a law firm should be a self-sustaining entity that works for its owner. She points out the valuable mindset shift of referring to your law firm in the third person to transition from “having a job where you are your own boss” to being an entrepreneur with a freestanding business.
This shift in perspective is crucial and ties in well with a powerful piece of advice from RJon that has impacted Evelyn’s life: “Your life is a reflection of your choices. You are the collection of what you do and what you do is a choice.” This advice emphasizes the importance of aligning actions with goals and taking responsibility for one’s circumstances.
How To Measure Your Law Firm’s Success
Mar 26, 2024
In this episode we look at how to define, measure, and quantify the success of your law firm using RJon’s own definitions of success.
Measurements of Success
RJon breaks down how he defines a successful business into three key areas:
Financial Success: The business must provide enough profit to support your desired lifestyle
Personal Success: The business must allow for work-life balance, quality time with family, and personal well-being.
Professional Success: The business should enable you to do work you enjoy, for clients you like, with a team you respect.
He stresses that success in all three areas is essential, and that focussing on just one or two areas is not enough.
Quantifying Your Definition of Success
In the clip, we hear RJon walk through an exercise with a How To MANAGE a Small Law Firm member, demonstrating how to create quantifiable definition of success. He emphasizes the importance of setting specific, measurable goals in each area, such as:
Financial: Desired annual profit and gross revenue
Personal: Percentage of kids’ activities attended, number of date nights, and vacation days
Professional: Number of people helped or lives improved through your work
By setting clear, quantifiable goals you can track your progress and make informed decisions about your business and life.
Key Takeaways
Define success on your own terms, not based on others’ expectations
Create a quantifiable definition of success for each area (financial, personal, and professional)
Set specific measurable goals to track progress and drive decision-making
Regularly assess your business’s performance against your definition of success
Make changes as needed to ensure your business serves your life, not the other way around.
Secrets To Bookkeeping That Does Not Suck
Mar 21, 2024
In this episode, Sherri Mansell, Director of Bookkeeping That Does Not Suck shares reliable and actionable bookkeeping practices that will help law firm owners become more profitable. Sherri shares her passion for numbers and how understanding the story behind the numbers empowers law firm owners to make data-driven decisions.
The Seven Key Monthly Reports
Sherri outlined the seven essential reports every law firm (and small business) owner should examine monthly regardless of their practice area or billing model. 1. Balance Sheet
2. Profit and Loss (P&L) Statement
3. Budget Variance Report
4. Accounts Receivable (A/R) Report
5. Work in Process (WIP) Report
6. Cash Flow Forecasting Report
7. Three-Way IOLTA Trust Reconciliation
She emphasized the importance of looking at Balance Sheet and P&L Statement on a rolling 12-month basis to identify trends and spot areas for improvement. Sherri shared three of the most common questions and stressed the importance of receiving timely reports from your bookkeeper, ideally by the 8th business day of the month and no later than the 20th of the month.
The Consequences of Neglecting Your Numbers
Sherri shares cautionary tales of law firm owners who put off dealing with their finances, leading to stress, panic, and potential loss of their license when faced with a bar audit. She encouraged listeners to schedule a regular time each month to review their numbers.
Key Takeaways
Review the seven key financial reports with your bookkeeper every month
Use detailed charts of accounts to make data-driven business decisions
Breakdown payroll expenses by department for accurate labor ratio analysis
Address any IOLTA discrepancies within 30 days to remain compliant with your state bar
Classic Questions
In this segment, Sherri introduces a clip from the audiobook studio recording that addresses the distinction between cash flow and profitability. In this clip, RJon recounts a story of a multi-million dollar law firm with positive cash flow that was actually losing money. This is an all too common example of how cash flow can be misleading.
Sherri expands upon this story by comparing two hypothetical companies to illustrate the difference between cash breakeven and profit & loss breakeven. Some expenses, like loan payments and owner distributions, affect cash flow but do not appear on profit & loss statements, underscoring the importance of understanding financial reports beyond bank balances.
Both Sherri and RJon emphasize the importance of law firm owners asking questions, being curious about their finances, and working with financial advisors who are able to explain these concepts in simple terms.
In the first episode of season two, we answer your biggest questions from last season — “What are Profit First accounting principles?” and “How do they help law firm owners become more profitable?”
To answer those questions, RJon explains how Parkinson’s Law, the Primacy Effect, and Plate Size are foundational frameworks for Profit First methodology. Understanding these key concepts is a must for law firm owners ready to kick the ‘profit last” mentality to the curb and embrace profit first.
Parkinson’s Law: The demand for resources will always expand to match its supply. Which is why adopting Profit First accounting principles forces businesses to creatively operate within smaller operating expense budgets by allocating profit first.
The Primacy Effect: We pay more attention to what comes first and ignore the rest. As business owners traditionally put profit last, Profit First reverses the order from:
Sales/Revenue – Expenses = Profit
to
Sales/Revenue – Profit = Expenses
Thus making the act of taking profit a habit rather than an event.
Plate Size: Portion control refers to more than just a meal. Using an analogy of plate size affecting food portions, RJon explains how Profit First uses separate income accounts to control profit “portions”, limit expenses, automatically set up reserves for annual expenses like taxes, and more.
Listeners of the Profit First For Lawyers podcast are invited to attend an upcoming Profit First for Lawyers Workshop.
The free one-day events are for law firm owners who are serious about making their law firm more profitable. Join us at our next live workshop.
Key Takeaways
Put profit as the top priority before covering expenses
Focus on what comes first
Use smaller “plates” or accounts to portion control your business finances
Bonus 2 of 2: The Managing Partners Podcast with RJon Robins
Feb 15, 2024
This bonus episode of the Profit First For Lawyers podcast was originally featured on The Managing Partners Podcast hosted by Kevin Daisey. This interview with RJon Robins is the second in a two-part series. Part one of the series can be heard on Apple Podcasts or Spotify and watched on YouTube.
The Definition of a Successful Law Firm
RJon picks up the conversation from last week’s episode by discussing How To MANAGE a Small Law Firm’s definition of a successful law firm – one that serves the owner in at least three ways:
It must serve you financially by providing enough income to live the lifestyle you want.
It must serve you professionally by giving you a platform to make a positive impact and work with people you enjoy.
It must serve you personally by running efficiently so you can step away confidently.
Hiring The Right People
RJon focuses on the importance of hiring experienced lawyers who can hit the ground running, rather than lower cost inexperienced lawyers who require more training. The cost of onboarding and potential turnover make hiring experienced lawyers more profitable in the short and long term. As part of a path to overall growth, RJon also emphasizes the importance for law firms to support their team members’ personal and professional goals.
The Profit First for Lawyers Book
RJon provides an overview of his new book Profit First for Lawyers, which he wrote as a rallying cry for law firm owners to put their profits first. He explains that even if you’ve read the Profit First book by Mike Michalowicz, this book builds on the Profit First methodology with specific applications and insights for lawyers. He walks through the table of contents touching on key topics like why CPAs may resist Profit First, how GAAP accounting standards differ from law firm needs, tracking Total Owner Benefits, and more.
Key Takeaways
The Profit First methodology offers a unique framework for financial management in the legal industry.
Successful law firms should aim for growth that benefits owners personally, professionally, and financially.
Strategic hiring and investing in experienced professionals, can significantly enhance firm profitability, service delivery, and efficiency.
Hiring superstar staff and graduating employees demonstrates a healthy, growth-oriented culture.
Small boosts in law firm profitability can translate to more free time and improved quality of life.
Email us your feedback at podcast@profitfirstforlawyers.com
And most importantly, order your copy of Profit First for Lawyers today!
https://youtu.be/44cm-2xiPXI?sub_confirmation=
BONUS 1 of 2: The Managing Partners Podcast with RJon Robins
Feb 08, 2024
This bonus episode of the Profit First For Lawyers podcast was originally featured on The Managing Partners Podcast hosted by Kevin Daisey. This interview with RJon Robins is the first in a two-part series.
Redefining Success
RJon shares his transformative journey from financial adversity to profitability. This episode focuses on the critical mindset shift law firm owners should embrace as entrepreneurial professionals who sell legal services. RJon’s insights into ethical profitability and strategic business management serve as a guide for law firms seeking sustained growth and success. Look for the second episode of the two-part series next week.
Watch the podcast on video
https://youtu.be/1oX3pTLHT3w?sub_confirmation=
Key Takeaways
The simplicity of running a law firm with the right processes and mindset
How To MANAGE a Small Law Firm is for entrepreneurial law firm owners
The ethical obligation of law firm owners to market their services and the importance of running a profitable law firm
The marketing and profit misconception
The transformative impact law firm owners experience when adopting the entrepreneurial mindset
Big News
A new season of the Profit First For Lawyers is coming soon! Be sure to subscribe to the podcast to get the latest episodes the moment they are released. Visit https://profitfirstforlawyers.com/subscribe
Email us your feedback at podcast@profitfirstforlawyers.com
And most importantly, order your copy of Profit First for Lawyers today!
Our Promise To You
Nov 30, 2023
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.
Email us your feedback at podcast@profitfirstforlawyers.com
And most importantly, order your copy of Profit First for Lawyers today!
Profit First – More Than Just A Book
Nov 28, 2023
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.
Email us your feedback at podcast@profitfirstforlawyers.com
And most importantly, order your copy of Profit First for Lawyers today!
Profit In All Areas of Your Life
Nov 23, 2023
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.
Email us your feedback at podcast@profitfirstforlawyers.com
And most importantly, order your copy of Profit First for Lawyers today!
Enjoy The Suck
Nov 21, 2023
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-Founder Profit 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.
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.
Email us your feedback at podcast@profitfirstforlawyers.com
And most importantly, order your copy of Profit First for Lawyers today!
Just Grow Up
Nov 16, 2023
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.
Email us your feedback at podcast@profitfirstforlawyers.com
And most importantly, order your copy of Profit First for Lawyers today!
Are You A Sucky Client?
Nov 14, 2023
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.
Email us your feedback at podcast@profitfirstforlawyers.com
And most importantly, order your copy of Profit First for Lawyers today!
Is Your Household Your Law Firm’s Bank?
Nov 09, 2023
This candid episode tackles a difficult topic – many law firm owners are using their household income to subsidize their law firm’s business at the expense of their household finances.
RJon in the Studio
During a recording session, Karli asked RJon for clarity about why some law firm owners use household money meant for children’s education or other family expenses to fund their business. RJon calls this practice of paying for business expenses with household money a form of embezzlement. This is a hot-button topic he has spoken about at local bar association events in the past which has gotten him uninvited to future events.
Profit First For Lawyers Testimonial
We hear from lawyer, Nikita Wolf who shares her struggles after opening a new law firm. The challenges of building a client base coupled with using savings and borrowing money from family to pay bills. She talks about how transitioning her business model with How To Manage A Small Law Firm and reading the Profit First for Lawyers book is already starting to transform her business.
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!
Take Flight: Elevate Your Mindset to Profitability
Nov 07, 2023
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.”
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.
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!
Is It Overhead or Overhead?
Nov 02, 2023
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
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!
Face Your Fears
Oct 31, 2023
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.
An overview of Total Owner Benefits (TOB). Looking beyond just salary to the full profit potential law firm owners can receive as outlined in Chapter 9 of the Profit First for Lawyers book.
RJon in the Studio
RJon explores conventional vs. creative definitions of profit. He also tackles law firm owner pay as it relates to fair market salary for their work roles. He discourages inflated owner salary beyond what the firm would pay anyone else for the same job, as doing so reduces company profitability.
Book Testimonial
Attorney Andrea Shoup shares how she is implementing Profit First reporting and planning at her law firm with great results so far.
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!
Focus On Things That Matter
Oct 24, 2023
In this episode, we are joined by RJon’s personal accountant, Daniel Ferro to discuss perspectives on profitability. Daniel shares his journey from traditional accounting jobs to joining RJon’s fast-paced team at How to Manage a Small Law Firm. Daniel offers a glimpse of what it is like to work closely with RJon and the insights he has learned along the way.
Defining Profitability
Daniel explains how RJon taught him the win-win concept. Which states that every honest exchange is profitable for both parties involved. Karli shares her own discussions with RJon about the win-win mindset as well.
Karli and Daniel discuss what profitability means both professionally and personally. Daniel reveals he is using Profit First accounting principles in his personal life. Which shifts the conversation to prioritizing what matters most in business and life.
RJon in the Studio
In a clip from chapter nine of the Profit First For Lawyers audiobook, RJon expands upon the possible answers to, “How profitable is your law firm?” A question with conventional and unconventional answers dependent on who is asking the question. The answers may surprise listeners.
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!
Liberate Your Law Firm from GAAP
Oct 19, 2023
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.
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!
Truth is Kind
Oct 17, 2023
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.
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!
GAAP Was Not Meant For You
Oct 12, 2023
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.
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!
Does Your Accountant Have An Entrepreneurial Mindset?
Oct 10, 2023
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.
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!
The CPA’s Oath: What Every Law Firm Owner Should Know
Oct 05, 2023
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.
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!
From Expense to Investment: Uncovering the Purpose
Oct 03, 2023
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.
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.
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.
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!
Your Law Firm’s Secret Weapon: Tax Strategist
Sep 26, 2023
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.
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!
TL;DR Recap – The 7 Parts of Every Successful Law Firm
Sep 21, 2023
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.
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
The pressure is on! After several unsuccessful recording sessions (and subsequent rewrites), Karli throws out the script. It is the last possible day to record Chapter 5 and even with the nearby flight school planes flying overhead, it’s go time!
RJon in the Studio
Your law firm is many things, but one thing it isn’t is your baby. RJon explains why you, the owner, are actually the most critical part of all seven parts. Your goals and priorities dictate whether the other parts of your business serve you or if you serve your business.
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!
Value Your Time
Sep 12, 2023
How you value your time and the time others give to you is the focus of this episode.
From Executive Assistant to Law Student
We are joined by Stephanie Galvis who 11 years ago became RJon’s Executive Assistant. Stephanie recounts the early “scrappy” days of How To MANAGE a Small Law Firm. She also shares her inspiring education and career path which led to law school.
We hear about the advice on the value of productive (and profitable) conversations RJon gave Stephanie years ago. Advice which still has an impact in her academic and professional life today.
RJon in the Studio
RJon goes into detail about normalized salaries and how a law firm should only pay you what they would pay anyone else other than you to do the same job.
This clip reminded Stephanie of RJon’s strategic transition away from company production roles. This allowed him to focus on his highest and best use of time.
And most importantly, order your copy of Profit First for Lawyers today!
Your future self will thank you!
The 7 Parts of Every Successful Law Firm: Part 6 – Money & Metrics
Sep 07, 2023
We have arrived to the sixth-part of our seven-part series. With marketing, sales, production, people, and physical plant in alignment, it is the time to focus on financial controls also known as money and metrics.
>> Listen to previous episodes in the series: Part One: Marketing | Part Two: Sales <<
Karli shares more behind-the-scenes moment from the audiobook recording sessions, including creative attempts to finally get through the problematic Chapter 5. After multiple frustrating tries, will one more studio session do the trick?
In the Studio
In the first clip, RJon explains financial controls in relation to tracking revenue, expenses, and profit to show whether all of the work being done each day, week, month, and year is (or is not) building equity in your business. In the second clip, RJon goes into a detailed explanation of the Budget Variance Report. Hear RJon’s real client stories illustrating how Budget Variance Reports identified issues requiring further investigation. In one particular story, an investigation into a growing gas expense variance alerted the firm to an employee’s dangerous car leak. This discovery not only brought the gas variance back in alignment, but also potentially saved the employee’s life.
The Series Continues
Join us in episode 21 where RJon will share the seventh and final part of the 7 Parts of Every Successful Law Firm. Which also happen to be the same parts of every unsuccessful law firm. Until then, we invite you to:
Email your questions to: podcast@profitfirstforlawyers.com
And most importantly, order your copy of Profit First for Lawyers today!
Your future self will thank you!
Should You Really Be Doing That?
Sep 05, 2023
Make the Most of Your Time
What is the highest and best use of your time? That is the question we tackle in this episode of the Profit First For Lawyers podcast.
Zoey (previously in ep.4) returns to the show with some news about her new role on Team RJon. She also shares how RJon’s advice encouraged her to take a long-held dream and turn it into a reality.
RJon in the Studio
When it comes to how we value our time, RJon holds no punches. Just because you can do a task does not mean you should. He urges us to step back to examine if our time spent truly aligns with our professional and personal priorities
Profit First For Lawyers Book Reviews
Listen to some key takeaways from a few of our Profit First For Lawyers readers:
“I am doing more planning looking forward as opposed to just really living in the moment.”
– Terry Sanks, BEUSSE SANKS, PLLC
“It’s the first book that I’ve seen directed to law owners of law firms that talks to you about why you need to review your financials, what you’re gonna find out when you review your financials, what are the pitfalls that you need to worry about.“
– Angela Klenk, BEACH CITIES ESTATE LAW
“It was a huge takeaway that we can define profit in a different way than just how much money are you bringing in?”
– Desiree Gray, CHOICE CITY FAMILY LAW
“The ideas here again for Profit First For Lawyers is just mind blowing…to realize that there’s so much more to learn and there’s so much more that we can do to make ourselves better people, better consumers, better responsible people with our own resources.”
– Todd Wesche, VETUS LEGAL
“I love how specific it is for the industry that I’m in. I’m an attorney and I’m an entrepreneur, and I’m running my own law firm, and this is really helping me figure out a completely sort of sober, rational way to run a business.”
– Marie Drake, THE DRAKE LAW FIRM
We thank them for sharing what they found valuable (and profitable) within the pages of the Profit First For Lawyers book.
Now it is your turn. Send us your review about the Profit First For Lawyers book to: podcast@profitfirstforlawyers.com
And most importantly, order your copy of Profit First for Lawyers today!
Your future self will thank you!
The 7 Parts of Every Successful Law Firm: Part 5 – Physical Plant
Aug 31, 2023
In the fifth part of our ongoing series, we focus on Physical Plant. The importance of matching your law firm’s growth with effective work environments and the necessary tools your staff needs for work.
>> Listen to previous episodes in the series: Part One: Marketing | Part Two: Sales <<
The water is boiling and it is time for some tea. RJon is back in the studio to finally record Chapter 5. Or at least that is what Karli hopes will happen after getting the green light on the latest revised script. Tune in to find out how well that did or didn’t work.
In the Studio
In the first clip, RJon explains Physical Plant, which includes everything your staff needs to work. Such as desks, chairs, computers, software, and workspace in-person or remote. Physical Plant must also align with your business and growth plans. RJon says, “You’ve got to keep your physical plant right-sized to your law firm.”
In the second clip, RJon expands on Physical Plant as it relates to aligning marketing and sales with client expectations. He illustrates this point by contrasting the expectations and experiences of a meal at a fast food restaurant vs. a meal at a fancy steak restaurant.
The Series Continues
Join us in episode 19 where RJon will reveal more key insights into the 7 Parts of Every Successful Law Firm. Which also happen to be the same parts of every unsuccessful law firm. Until then, we invite you to:
Email your questions to: podcast@profitfirstforlawyers.com
And most importantly, order your copy of Profit First for Lawyers today!
Your future self will thank you!
Beyond Profit
Aug 29, 2023
The Profit First For Lawyers book is out!
It is time to celebrate the official launch of the Profit First For Lawyers book. We thank you for listening, watching, subscribing, sharing the podcast with colleagues, sending us your questions, and of course for buying the book!
This podcast was created by Team RJon as part of the book launch. We had a goal to sell 10,000 books.and as you’ve heard in previous episodes that goal was met and exceeded. By how much? On the publication date of August 28, 2023, the official tally was 27,715 books sold!!! We are beyond excited and cannot wait to share feedback from readers (you) in future episodes.
RJon in the Studio: Profit Defined
For RJon profit goes beyond finances. In a thought-proving clip, RJon provides his definition of profit and explains why profit has a place in all areas of your life. At the core profit is exchanging something you value less for something you value more. RJon shares a personal story to illustrate this point further.
Profit First in Action
At the recent Live Quarterly Meeting (LQM,) Karli interviewed How To Manage (HTM) members on how Profit First has worked for them:
Sam Brotman, Tax Attorney: Implementing Profit First initially seemed counterintuitive. The reality is the simplicity and effectiveness of Profit First has given him profit and peace of mind.
Helen Bukulmez, Immigration/Injury Lawyer: Helen recommends law firm owners look into Profit First even if the name seems off-putting.. In financial, professional, and personal matters, she now begins with a question, “Is this going to pay me first?”
Ron & Julie Pollack, Personal Injury Lawyers: Adopting Profit First Accounting Principles transformed their firm (and their relationship) by finally putting themselves first.
And most importantly, order your copy of Profit First for Lawyers today!
Your future self will thank you!
The 7 Parts of Every Successful Law Firm: Part 4 – People
Aug 29, 2023
We continue our in-depth series exploring the 7 Parts of Every Successful Law Firm. In part 4 the focus shifts to people. From job descriptions to key performance indicators (KPI) and systems to processes needed to build (and keep) an effective team.
>> Listen to previous episodes in the series: Part One: Marketing | Part Two: Sales | Part Three: Production <<
Tea Time with Karli
After two failed attempts at recording Chapter 5 for the audiobook, Karli reworks the problematic chapter. Will the newly revised pages get the green light from RJon? Will this be the day it is finally recorded? Can Karli cross Chapter 5 off her to-do list? Listen in to hear for yourself.
In the Studio
In this excerpt, RJon emphasizes the importance of detailed job descriptions, key performance indicators (KPIs), and objective metrics for staff. This protects employees by clarifying responsibilities and setting clear expectations. It also protects law firm owners from favoritism concerns by providing unbiased data based on objective performance measurements.
From the Cutting Room Floor
RJon stresses the importance of building sustainable systems that are not solely dependent on one person (you). This allows a law firm to continue operating whether the owner steps away because of an unexpected emergency or for planned personal time. The ability of a law firm owner to step away for a period of time is an example of a true business and not just a practice or a job.
The Series Continues
Join us in episode 17 where RJon will reveal more key insights into the 7 Parts of Every Successful Law Firm. Which also happens to be the main part of every unsuccessful law firm. Until then, we invite you to:
And most importantly, order your copy of Profit First for Lawyers today!
Your future self will thank you!
Who Is Your Firm’s Ideal Market?
Aug 22, 2023
We’re joined by a familiar face, Tami Cumpston is back! She updates us on the project she is managing, why she chose this particular project, and what excites her about it. We think Profit First For Lawyers listeners will be especially excited to hear her big news.
We also get an update on the launch of the Profit First For Lawyers book which will be in book stores on August 28th.
RJon in the Studio
Tami brings a clip she selected of RJon discussing money objections. In the clip, RJon emphasizes the importance of knowing who your business is meant to serve. For example, his business is not built for the lowest price, but for delivering premium service and results. He elaborates on this further with a comparison of a Volkswagen to a Rolls-Royce. There are markets for both.
Tami relates this to her hospitality background – at the private club she worked at, they focused on service and value over being everything for everyone. She aligns with RJon’s approach of identifying ideal clients.
Profit First Q&A Part 2
RJon answers the second part of listener Erik J. Olson’s Profit First question. RJon explains how he incorporates profit and tax allocations right into his budget like any other line item.
And most importantly, order your copy of Profit First for Lawyers today!
Your future self will thank you!
The 7 Parts of Every Successful Law Firm: Part 3 – Production
Aug 17, 2023
We continue our series exploring the 7 Main Parts of Every Successful Law Firm. In part 3, the focus shifts to production – more specifically the systems, processes, and procedures of a successful law firm.
>>Listen to previous episodes in the series: Part One: Marketing | Part Two: Sales<<
Tea Time with Karli
Karli shares more behind-the-scenes moments recording the audiobook. After another day spent struggling with Chapter 5, RJon asks her to recreate it from old transcripts. Will attempt #3 be the one? Listen in to find out for yourself.
In the Studio
In this excerpt from the Profit First For Lawyers audiobook, RJon emphasizes the importance of documenting procedures, investing in training, and holding staff accountable through tracking, measurement, and performance indicators.
From the Cutting Room Floor
RJon expands further by explaining why documented procedures allows law firms to hire good people and get great performance out of them. There is no need for “purple unicorns” when terrific procedures are in place.
The Series Continues
Join us in episode 15 to hear more key insights from RJon Robins in the fourth part of the series. In the meantime, we invite you to:
And most importantly, order your copy of Profit First for Lawyers today!
Your future self will thank you!
Perception vs. Reality
Aug 15, 2023
In this episode, Denise Doonkeen joins Karli to talk about the power of perception and how we are perceived by others. She discusses her role as Executive Assistant to Chief of Staff Delisi Friday. Denise also provides insight into her experience working with RJon, Delisi, and the team.
Mystery Clip Revealed
The clip Denise chose was a surprise to Karli, revealed during the episode recording. She selected a clip from a coaching session where RJon advises taking responsibility for how you’re perceived. Become aware of the impressions you give off, then take charge.
This clip reminded Denise of a childhood lesson she learned about crossed arms during a shopping trip with her mother. She passed this lesson on to her own kids about body language awareness with some humorous results.
Q&A with RJon: Your Profit First Questions Answered!
Karli took the opportunity during an informal meeting to ask RJon questions submitted by listeners. Erik J. Olson asks how Profit First impacts your P&L statement and behavior. To hear RJon’s answer to the second of Erik’s questions be sure to listen to episode 14.
Do you have a question for RJon about Profit First? Send them to podcast@profitfirstforlawyers.com and we’ll get you answers.
In the next episode we’ll continue with the 7 Main Parts of Every Successful Law Firm series with a healthy serving of tea. Past episodes:
Each episode of the Profit First For Lawyers podcast can also be found on YouTube. Subscribe to get notified every time a video episode is released.
Pre-Order Your Book Today
The Profit First For Lawyers book is set for release on August 28, 2023. This Book Will Make Your Law Firm More Profitable. Pre-order your copy of Profit First for Lawyers today to ensure your copy is reserved. Your future self will thank you!
The 7 Parts of Every Successful Law Firm: Part 2 – Sales
Aug 10, 2023
“When done the right way, sales is one of the most thoughtful, caring, considerate, and I’ll even go so far as to say one of the most loving things you can do for another person in business.”
RJon Robins
We continue the in-depth series on the seven key areas that make up a successful law firm. In this episode we turn our focus to sales. The valuable lessons on sales RJon Robins shares will have law firms of every size rethinking the role of sales within their law firm.
The 7 Main Parts of Every Successful Law Firm offers insight into how law firms can achieve transformative growth by getting each of these seven parts in alignment. The first part of the series (marketing) can be found in episode 9.
Tea Time with Karli:
Karli continues pouring the behind-the-scenes tea about her time in the studio with RJon. We pick up where we left off in episode 9 after she inserted a previously deleted chapter back into the manuscript. Hear this origin story and more behind-the-scenes revelations.
Connect
This 7-part series within the podcast provides rare access to the key insights that will transform your law firm. We invite you to:
Email your questions to us for consideration in future episodes
And most importantly, remember to order your copy of Profit First for Lawyers today!
Your future self will thank you.
Procrastination and Your Favorite Ice Cream Flavor
Aug 08, 2023
In this episode of the Profit First for Lawyers podcast, host Karli Royer interviews Delisi Friday, Chief of Staff for RJon Robins. We first heard from Delisi in episode eight when she revealed this podcast to RJon at the LQM event. Now listeners and viewers have the opportunity to officially meet Delisi Friday.
Delisi shares how an unexpected call from a headhunter led to her becoming RJon’s Chief of Staff. She describes her role and emphasizes the importance of concise communication, trusting in the capabilities of team members, and maximizing her time to be most effective.
Advice from RJon:
Delisi highlights RJon’s best advice to her – always consider if a task is the highest and best use of your time. She explains how RJon reminds her to focus on her unique abilities, delegate when appropriate, and not get bogged down in work others can do.
Key Takeaways from Delisi:
To communicate efficiently with busy executives (like RJon Robins) – be clear, concise, and come prepared with recommendations.
Embrace procrastination when needed – some tasks are best done when you’re in the right headspace to excel.
Foster an exceptional team by trusting in their abilities and giving them the space to excel in their roles.
RJon in the Studio:
Each member of Team RJon brings a clip from either a coaching session or the audiobook recording of Profit First For Lawyers. In this episode, Delisi chose a coaching session clip where RJon ties procrastination tendencies to favorite ice cream flavors. Noting strawberry lovers cram everything in at the last minute, while mint lovers work steadily. RJon’s message – work in your style, just get the outcome.
Team RJon Surprise:
In a call with Team RJon, Delisi surprises them with the results of the early success in pre-orders of Profit First for Lawyers. Will there be a “biggest bonus” for Team RJon? Listen in to find out.
The 7 Parts of a Successful Law Firm: Part 1 – Marketing
Aug 03, 2023
This episode kicks off an in-depth series on the seven key areas that make up a successful law firm. Which also happen to be the same seven key areas that make up unsuccessful law firms.
The clips (and inspiration) for this series stem from a chapter of the Profit First For Lawyers book and audiobook that was almost left on the cutting room floor.
From Cutting Room Floor to Featured Series
While recording the audiobook, RJon Robins expanded upon chapter five of the book version with what he calls an unscripted “special bonus chapter.”
The valuable lessons in this seven-part series will show law firms of every size how they can achieve growth by getting each of these seven parts in alignment.
We begin with marketing.
“Marketing should not only be used as a magnet to attract the right kind of clients to you. It should also be used as a magnet to repel the wrong kind of clients…”
RJon Robins
Tea Time with Karli
Karli reveals behind-the-scenes stories from editing the early book manuscript and discovering a major hole related to this chapter. More tea to come in future episodes in this series!
Join us on the journey of overcoming ego, reaching your full potential, and putting profit first both personally and professionally.
In this episode, we explore “Killing Your Ego” with Raul Longoria, the Creative Designer for Team RJon. As the “graphics guy” for Team RJon, Raul shows how he turns simple documents into a visually compelling designs.
Raul offers insights from working directly with RJon Robins. Raul describes how RJon’s words of wisdom helped him overcome ego roadblocks to reach his full potential. Karli and Raul discuss the DUNNING-KRUGER Effect and how ego impacts each stage.
RJon in the Studio:
Raul shares a clip of RJon in the studio during a powerful coaching session. We think this quote speaks volumes:
“Your ego is not your friend. Your ego is holding you back. The sooner we can kill it, the better off you’ll be.”
RJon Robins
Raul and Karli introduce listeners to Delisi Friday, Chief of Staff (and so much more) for Team RJon. Listeners will hear a clip of Delisi and RJon at the most recent Live Quarterly Meeting, where Delisi had something important to tell RJon.
The Big Reveal:
Listeners know that Team RJon stealth launched RJon’s book Profit First For Lawyers with this podcast while RJon was in Paris. RJon has returned, and it was time to let the cat out of the bag. Hear the behind-the-scenes story and RJon’s surprised reaction in front of an audience at the Live Quarterly Meeting!
Thank you for being part of Team RJon’s stealth launch and sharing this podcast with your colleagues and friends. Stay tuned for even more episodes of the Profit First For Lawyers podcast as we continue sharing actionable insights so you can put your Profit First.
Ever felt like exhaustion has become your constant companion? You are not alone. In this episode of Profit First For Lawyers, we explore why so many of us feel perpetually exhausted in our work and lives.
Safe vs. Scary
We start with a clip of RJon Robins in the studio during a coaching session. In which he reveals how the subconscious mind often acts as a safety brake when we are on the verge of significant change. Especially when it comes to financial stability. He explores the tendency to cling to what’s familiar and fear what’s new. A factor that often leads to unintentional self-sabotage.
Key Takeaway
RJon offers a powerful counter-action with the transformative mantra, ‘Do it anyway.’
A clear message to persist through the exhaustion. Not to invite burnout, but to dismantle subconscious barriers that may be preventing progress.
Book Review
We also hear from one of the advanced readers of the Profit First For Lawyers book, attorney Marie Drake. She shares her journey toward financial maturity and the profound impact profit first has had on her life.
Ready to turn the page on self-sabotage and prioritize your profit? Visit www.ProfitFirstForLawyers.com or Amazon to order your copy of the Profit First for Lawyers book today!
Your future self will thank you.
Why Profit First Works
Jul 25, 2023
In this episode of the Profit First For Lawyers podcast, we journey through an engaging exploration of creativity and profit-boosting strategies. RJon Robins reveals why “Profit First” works and outshines other accounting systems. He equates the methodology to his past approach towards studying, where limiting the available time forced him to complete assignments efficiently. The same principle applies to law firms. By putting profit first, creativity is instigated, leading to innovative strategies that maximize your business’s performance. The method has been proven time and again, transforming hundreds of solo and small law firm owners’ practices and lives.
Podcast host Karli Royer, shares the backstory behind the campaign to promote RJon Robins’ new book, “Profit First For Lawyers,” during his time away in Paris. You’ll learn how Team RJon has been challenged to sell 10,000 books to earn “the biggest of bonuses”, pushing everyone to bring creative and unconventional ideas to life. It’s an example of how the Profit First mindset can drive innovation and extraordinary results.
Finally, we grant you access to behind-the-scenes bloopers from our audiobook recording sessions. Enjoy the candid moments where RJon struggles with some intricate Italian pronunciations, proving that even the best of us fumble occasionally. It’s a light-hearted glimpse into the making of “Profit First For Lawyers” audiobook and a reminder that injecting fun into work sparks creativity.
The Profit First for Lawyers podcast is hosted by Karli Royer and Team RJon as part of a stealth launch of the Profit First For Lawyers book. Buy your copy of the book today. Your future self will thank you.
In today’s Profit First For Lawyers Podcast, RJon Robins discusses the role of our subconscious mind. It is designed to keep us safe, yet many times it’s important to challenge that thinking by telling it, “Thanks, but no thanks”. He also explores the topic of quitting and whether it’s our subconscious trying to protect us or a genuine decision.
Additionally, we have a special treat as host Karli Royer interviews…herself! Yes, you read that right. You’re getting a behind-the-scenes look at Karli’s journey on Team RJon.
Key Takeaways:
Harnessing the Subconscious: Recognizing when to challenge our subconscious and push beyond its limitations is crucial for personal and professional growth.
The Decision to Quit: It’s important to distinguish between legitimate reasons to quit and subconscious fears that may hinder our progress.
Understanding Subconscious Influence: By understanding the influence of our subconscious, we can make informed decisions to achieve profitability in our life and law practice.
The Profit First for Lawyers podcast is hosted by Karli Royer and Team RJon as part of a stealth launch of the Profit First For Lawyers book. Buy your copy of the book today. Your future self will thank you.
Welcome back to another exciting episode of the Profit First for Lawyers podcast! On this episode Zoey Cook, RJon’s Calendar Coordinator, joins Karli Royer on the show. She reveals a little-known fact about her academic history which ties right into her favorite clip from RJon’s time in the studio.
Episode Highlights:
Find Long-Term Solutions: Discover the distinction between quick fixes and sustainable solutions for lasting change and growth.
Zoey’s Journey with RJon: Zoey shares her experience working closely with RJon and his commitment to personal and professional growth.
Embracing Imperfect Progress: Learn the power of taking action and letting go of perfectionism with the “done is better than perfect” mindset.
What is the Profit First For Lawyers podcast? This is the show where Team RJon takes the lead while RJon Robins is away, giving you actionable insights from his newest book, Profit First For Lawyers. Order your copy today!
Join us by subscribing to the show as we share some behind the scenes looks at what it’s like to work with RJon Robins and explore how to accelerate your law firm’s growth and achieve profitability in all areas of your life. Get ready to put yourself, your family, your firm, and your profit first!
Stop Getting Paid in Compliments
Jun 30, 2023
Are you trying to get paid in compliments versus real money?
We often think that by being nice and not asking for the money we deserve, we’re doing our clients a favor. However, what you’re actually doing is showing them that since you’re not willing to fight for yourself, you’re not willing to fight for them.
In the episode of the Profit First For Lawyers podcast, RJon offers more insight about why you’re not doing yourself or anyone else any favors when you don’t stand up and ask for what you deserve. He also talks about why it will hurt your practice in the long run.
We also hear a Profit First For Lawyers book review from advanced reader and attorney, Todd Wesche from Vetus Legal LLC.
The Profit First for Lawyers podcast is hosted by Karli Royer and Team RJon as part of a stealth launch of the Profit First For Lawyers book. Learn more about RJon Robins by visiting https://rjonrobins.com
Reinventing Yourself
Jun 23, 2023
When it comes to the growth of your practice, continually reinventing yourself should be a priority.
But what does reinventing really mean?
In this episode of the Profit First For Lawyers Podcast, we have a special treat with Team RJon’s Tami Cumpston joining us to share one of her favorite clips of RJon’s time in the studio while recording the Profit First For Lawyers audiobook.
Tami talks about why the topic of reinvention was such an important one to her as she went through her own reinvention when she changed her career of 27 years to eventually, work for Team RJon. When it comes to your business, there’s a whole new level of reinvention, and according to RJon it should constantly be evolving.
We also asked you to send in questions, and you delivered. On this podcast, we have our very first answer from RJon himself while he’s vacationing in Paris with his family! So you’ll also get to hear RJon’s insight on how you should be spending your profits for growth.
The Profit First for Lawyers podcast is hosted by Team RJon as part of a stealth launch of the Profit First For Lawyers book. Learn more about RJon Robins by visiting https://rjonrobins.com
Why You’re Afraid of Profit
Jun 21, 2023
Welcome to the Profit First For Lawyers Podcast. In this inaugural episode, you’ll hear a clip from the first chapter of RJon’s book, Profit First for Lawyers, discussing why a book like this might make you mad. After all, it’s supposed to help you, right?
To help answer that question, we’re getting a glimpse into one of RJon’s Mastermind Sessions during a week where they covered the question “Why Are You Afraid of Profit?” RJon discusses the many ways we subconsciously sabotage our ability to be more profitable in our work and in our life.
Visit our website: https://ProfitFirstForLawyers.com to order your copy of the Profit First For Lawyers book. You’ll get even more of RJon’s insight and actionable steps to put your profit first.
Excerpt from the Profit First For Lawyers book:
You Can Take the First Step Now
If you implement the teachings in this book, one day not long from now, you will wake-up to find that you are taking more profits from your law firm:
Without having to do any more marketing or any more clients than your law firm already serves – though you may find the confidence you’ve been looking for to decline some of your firm’s less desirable clients;
Without having to hire more staff – though you may have to replace some current staff & vendors when you when you read chapter X; and
Without having to increase overhead.
Are you ready?
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The Profit First for Lawyers podcast is hosted by Team RJon as part of a stealth launch of the Profit First For Lawyers book. Learn more about RJon Robins by visiting https://rjonrobins.com
Profit First For Lawyers Book Podcast Trailer
Jun 19, 2023
While RJon is away in Paris, Team RJon is going to PLAY! We’re stealth-launching RJon’s newest book, Profit First for Lawyers, and pulling back the curtain to give you a glimpse at what RJon Robins is REALLY like behind closed doors.
Join us as we provide some entertaining, actionable, and PROFITABLE insights that will help you take your firm to the next level and put yourself, your family, your firm, and your Profit First!
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