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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.
Links
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
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