Profit First for Lawyers

Ron Saharyan returns to close out season two with a powerful message to law firm owners to take their profit first.

Accounts Receivable is sabotaging your law firm's success. Darren Wurz has practical and actionable insights on managing accounts receivable (A/R).

Dawn Mobley explains why doing your SKU homework, using the SKU Calculator, and SKU analysis can boost law firm efficiency and profitability.

A look at Cost of Goods Sold (COGS) an important metric for law firm profitability. A lesson taught by a group of teenagers to a room full of lawyers.

The role of ego in law firm management. Featuring exclusive content from RJon Robins' Profit First for Lawyers audiobook recording sessions.

In the conclusion of the financial report series, we take a look at labor efficiency ratios with Greg Crabtree.

Revealing the simple truth behind labor cost ratio and profit with Greg Crabtree, author 'Simple Numbers, Straight Talk, Big Profits.'

The importance of regular monthly reviews of financial reports for law firm success. No complex math required.

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 Links Mentioned – Brad and Sarah in Bonus Ep: Law Firm Pitfalls and Solutions  – Phillips Welcome Packet on the Profit First for Lawyers curated resource page – Leave us a review on Apple, Spotify, Audible or wherever you listen to your favorite podcasts –  Buy your copy of Profit First for Lawyers Connect and Engage Subscribe to the podcast Watch episodes on YouTube Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook Email us your feedback at podcast@profitfirstforlawyers.com Order your copy of Profit First for Lawyers today!  https://htm.live/PF4L-Book-1 

A look at an often overlooked yet critical aspect of running a successful law firm: Systems, Processes, and Procedures.

This episode offers a roadmap for transforming your law firm into an A-plus business that attracts and retains A-plus talent.

A practical and actionable look at the critical aspects of hiring, training, and managing your law firm's staff.

Discover the common pitfalls law firm owners face and solutions to overcome them. This bonus episode of Profit First For Lawyers offers actionable advice to grow your law firm.

RJon drills into the driving force behind why he wrote the book Profit First for Lawyers on The Lawyer Millionaire podcast hosted by Darren Wurz.

In the final part of our four-part series on sales, RJon explains how our subconscious can interfere with sales. We also recap the 10 sales mindset obstacles.

By consistently showing clients that you care, you stay top of mind and increase the likelihood of future business and referrals.

In part two of the sales series, we examining four mindset culprits that could be preventing law firm owners from increasing their conversion rates.

Discover how to master sales calls with a simple process that puts prospects first. After listening to this episode you might just learn to love sales.

First identify your ideal client, then focus on marketing fundamentals to attract them to your law firm. Track marketing data to stay on course.

Effective law firm marketing with AI in combination with traditional marketing strategies.

The principles of building a successful law firm are simple and predictable. Yet many law firm owners believe success is "for someone else." Not true.

We break down the predictable stages of law firm growth with practical insight on the challenges and opportunities that come with each stage.

In this episode we explore the surprising truth that many people, including law firm owners, may be more afraid of success than failure.

Remove the barriers to building your business plan with a simple and strategic process.

A well-crafted business plan outlines how your law firm sustains itself without you and serves its clients, your family, and yourself.

Every problem contains an opportunity. Known as a Problem-Tunity in the How To MANAGE a Small Law Firm community.

In this episode we tackle a harmful and self-limiting belief that runs rampant in the legal community, the Doctrine of Sacrifice.

Total Owner Benefits: In order to know if you will achieve your goals you first have to know where you are right now.

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.

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 Links Mentioned Podcast episode resources Reserve your seat at the Profit First for Lawyers Workshop  Bookkeeping That Does Not Suck Ep 36 Take Flight: Elevate Your Mindset Connect and Engage Subscribe to the podcast Watch episodes on YouTube Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook Email us your feedback at podcast@profitfirstforlawyers.com

We answer your biggest questions from last season — "What are Profit First accounting principles?" & "How do they help law firm owners become more profitable?"

The conversation turns to the definition of a successful law firm, strategic hiring, employee growth, and RJon's book Profit First for Lawyers.

Redefining success and the critical mindset shift law firm owners should embrace as entrepreneurial professionals who sell legal services.

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

Mike Michalowicz shares the story behind Profit First and how taking profit first builds momentum and fuels growth.

In this episode, we hear from law firm owners who share personal and professional results after implementing Profit First.

Ron Saharyan, co-founder of Profit First Professionals shares actionable tips for law firm owners who want to build a healthy, sustainable, and profitable business by following the Profit First methodology.

Being profitable professionally and personally is equally important as being profitable financially.

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

Many law firm owners are using their household income to subsidize their law firm's business at the expense of their household finances.

Alejandra Leibovich explains how law firm owners can get off the ground and take flight to escape the "doctrine of sacrifice" mentality.

A revolutionary concept of categorizing overhead expenses as either "static" or "dynamic" to better control costs and increase opportunity for growth.

In this special Halloween episode of the Profit First For Lawyers podcast, RJon challenges struggling lawyers. Karli and Raul discuss how to face fears, unmask ego, and breakthrough limiting beliefs.

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 expands upon the possible answers to, "How profitable is your law firm?" A question with conventional and unconventional answers.

We continue exploring how Generally Acceptable Accounting Principles (GAAP) was not meant for non-publicly traded companies like private law firms.

Denise Doonkeen returns to discuss how truthful yet kind communication, even when uncomfortable, leads to better outcomes in business and life.

RJon gives a quick history lesson on why GAAP exists and its relevance...or lack thereof to small law firm owners today.

An episode on the importance of truth in business, growth strategies, and why it's essential to seek advice from people who have themselves achieved success.

In this episode, we explore the differences between the oaths and responsibilities lawyers and CPAs have to their clients.

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.