Profit First for Lawyers – Details, episodes & analysis

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.

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:

1. It must serve you financially by providing enough income to live the lifestyle you want.
2. It must serve you professionally by giving you a platform to make a positive impact and work with people you enjoy.
3. It must serve you personally by running efficiently so you can step away confidently.

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.

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.

• 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.

How To MANAGE a Small Law Firm https://howtomanageasmalllawfirm.com

The Managing Partners Podcast with RJon Robins Ep 281 https://thisisarray.com/managing-partners-podcast/episode-281-rjon-robins

• Subscribe to the podcast
• Watch episodes on YouTube
• Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook
• Email us your feedback at podcast@profitfirstforlawyers.com

And most importantly, order your copy of Profit First for Lawyers today!

This 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.

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.

• 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

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

How To MANAGE a Small Law Firm https://howtomanage.com

The Managing Partners Podcast https://thisisarray.com/managing-partners-podcast/episode-280-rjon-robins

• Subscribe to the podcast
• Watch episodes on YouTube
• Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook
• Email us your feedback at podcast@profitfirstforlawyers.com

And most importantly, order your copy of Profit First for Lawyers today!

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.

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.

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.

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.

• Live Quarterly Meeting (How To Manage A Small Law Firm event)
• Killing Your Ego (ep 8)
• Procrastination & Your Favorite Ice Cream Flavor (ep 10)
• Lina’s bonus video
• Listen to From The Vault featuring a robust archive of RJon content

• Subscribe to the podcast
• Watch episodes on YouTube
• Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook
• Email us your feedback at podcast@profitfirstforlawyers.com

And most importantly, order your copy of Profit First for Lawyers today!

Mike Michalowicz, author of Profit First and co-founder of Profit First Professionals talks all things Profit First.

Mike shares the story behind Profit First, which he developed after nearly losing everything when his business collapsed. This experience prompted him to study what makes companies profitable. His revelation? Apply the same personal finance “pay yourself first” principle to business finances.

Thus, Profit First was born. Now over 800,000 companies use Mike’s approach of taking a percentage off the top for profit before paying business operating expenses. Mike simplifies profitability to this truth – you must be profitable to get out of debt. Taking profit first builds momentum and fuels growth.

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

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.

• Small Law Firm Bookkeeping That Does Not Suck
• How To Manage A Small Law Firm
• Episode 16 Profit First For Lawyers Interview with Ron & Julie Pollack
• Mike Michalowicz | www.MikeMotorbike.com

• Subscribe to the podcast
• Watch episodes on YouTube
• Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook
• Email us your feedback at podcast@profitfirstforlawyers.com

And most importantly, order your copy of Profit First for Lawyers today!

As we approach the end of the season, we look back on RJon’s promise to readers of his book Profit First For Lawyers.

“If you implement what I’m going to be sharing with you in this book, your law firm will definitely become more profitable.”

RJon Robins, Profit First For Lawyers, Chapter 1

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.

• Subscribe to the podcast
• Watch episodes on YouTube
• Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook
• Email us your feedback at podcast@profitfirstforlawyers.com

And most importantly, order your copy of Profit First for Lawyers today!

This episode packed with Profit First insights features Ron Saharyan, co-founder of the Profit First Professionals. Ron shares practical insights about Profit First fundamentals. He gives actionable tips for law firm owners who want to build a healthy, sustainable, and profitable business by following the Profit First methodology.

We also hear about how Ron’s childhood friendship with Profit First author, Mike Michalowicz turned into the Profit First Professionals which is approaching a 10-year milestone.

“Profit First does not care what your current financial situation is. It is a framework that will allow you to build the financial muscle memory to help you get out of that financial situation and also prevent you from falling back into it.”

Ron Saharyan
Co-Founder
Profit First Professionals

• Start Small: Begin by scrutinizing your P&L to find 3-10% you can allocate to profit.
• Enjoy the Suck: Reversing years of financial processes and mindset will take time. Be prepared for an adjustment period.
• Get Support: Lean on your support system (like How To Manage A Small Law Firm) for guidance and answers to your questions.

RJon 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.

• Profit First Professionals
• Grow My Accounting Practice Podcast episode featuring RJon Robins

• Subscribe to the podcast
• Watch episodes on YouTube
• Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook
• Email us your feedback at podcast@profitfirstforlawyers.com

And most importantly, order your copy of Profit First for Lawyers today!

In this episode, we have a candid conversation with Marie Drake who shares the story behind why she became a lawyer, her family law practice, and her “No B.S. Divorce” model. She also talks about how a colleague’s drastic transformation led Marie to attend a Live Quarterly Meeting and join How To MANAGE a Small Law Firm four years ago. Marie has embraced Profit First and found RJon’s win-win model works well within her law firm. She advises young lawyers to explore several specialties before selecting one practice area.

RJon 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.

Oscar Ferenczi: Ep 28 Does Your Accountant Have An Entrepreneurial Mindset?

The Power of TED by David Emerald

• Subscribe to the podcast
• Watch episodes on YouTube
• Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook
• Email us your feedback at podcast@profitfirstforlawyers.com

And most importantly, order your copy of Profit First for Lawyers today!

In this revealing episode, RJon flips the script and calls out lawyers who may be sucky clients to their bookkeepers.

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. 

• Subscribe to the podcast
• Watch episodes on YouTube
• Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook
• Email us your feedback at podcast@profitfirstforlawyers.com

And most importantly, order your copy of Profit First for Lawyers today!

This 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.

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.

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.

• Subscribe to the podcast
• Watch episodes on YouTube
• Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook
• Email us your feedback at podcast@profitfirstforlawyers.com

And most importantly, order your copy of Profit First for Lawyers today!

Your future self will thank you!

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.

Running a profitable law firm requires a strategic bird’s eye view. Ale shares how struggling law firm owners stay bogged down in day-to-day tasks such as answering phones or cleaning toilets. This “ground level” thinking focuses on control and quality, but fails to effectively delegate those tasks, create systemized processes, or build in profitability.

“The only way for your law firm to grow is for it to help more people.”

RJon Robins

• Categorize overhead (Static or Dynamic) expenses.
• Hire team members who can operate more strategically than you
• Develop systems for accountability rather than to micromanage
• Invest in areas such as marketing, training, and planning
• Learn and then learn some more:
  • Attend business education courses/events
  • Gain insight from profitable law firm owners

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.

• Subscribe to the podcast
• Watch episodes on YouTube
• Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook
• Email us your feedback at podcast@profitfirstforlawyers.com

And most importantly, order your copy of Profit First for Lawyers today!

Your future self will thank you!