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While RJon was away.

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Team RJon came to play.

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Well the cat's out of the bag now, folks.

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00:00:06,125 --> 00:00:09,245
But we're still here bringing you
our favorite, and most importantly,

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00:00:09,535 --> 00:00:14,135
actionable insights to RJon's newest
book, Profit First for Lawyers.

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We're gonna help you accelerate your law
firm's growth so that you can experience

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00:00:18,085 --> 00:00:20,605
more profit in every aspect of your life.

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We're also going to be providing some
behind the scenes footage at what it's

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00:00:24,635 --> 00:00:27,395
really like to work with RJon Robins.

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So, put your B.S.

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00:00:29,235 --> 00:00:32,345
aside for the next few minutes
and put yourself, your family,

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00:00:32,464 --> 00:00:35,065
your firm, and your profit first.

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00:00:38,370 --> 00:00:39,440
Well, hey guys!

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00:00:39,690 --> 00:00:43,760
Welcome back to another episode of
the Profit First For Lawyers podcast.

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00:00:44,200 --> 00:00:48,360
I'm your host, Karli, and today
I'm bringing you part two in

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00:00:48,360 --> 00:00:49,960
our bonus two-part series.

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00:00:50,260 --> 00:00:53,470
Now, if you have no idea what I'm talking
about, go back and watch part one.

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00:00:53,559 --> 00:00:56,370
Where I announce that season
two of the Profit First For

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00:00:56,370 --> 00:00:58,000
Lawyers podcast is coming soon.

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And I bring you this bonus content
from an interview that RJon did

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on The Managing Partners Podcast.

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00:01:03,550 --> 00:01:07,880
Now this interview was so packed full
of great information, delivered only

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in the way that RJon can, but it was
split up into two highly profitable,

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actionable, insightful episodes that will
help your law firm be more profitable.

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With no further ado, here's part two.

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We're going to hear RJon talk about our
definition of a successful law firm,

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the difference between an expense and
an investment, and why trying to spend

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less may actually be costing you more.

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Lastly, RJon's going to talk about
his book, Profit First for Lawyers.

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and his hopes for you, the
listener and/or the reader.

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Okay, let's get into it.

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Let's roll that clip.

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It's just how the world works.

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You can't have a big impact
on the world at small scale.

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You want to have a big
impact, you got to scale up.

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Now you want to make big donations?

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Help nonprofits?

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You can't write big checks
if you don't got no money.

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You can't give a lot of people great
jobs and terrific career opportunities.

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If you can't employ anyone
because you're running a little

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operation out of your basement.

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That's another thing too.

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So that's a big thing we do here.

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We're prescribed to,
we're always growing.

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If you go work for a firm and
they're like, 'Okay, what's

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my career look like here?'

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'Uh, well, we're going to
stay small and nimble.'

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And,  'Well, where's
the opportunity for me?

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I want to be able to grow leadership
opportunities, travel, you know,

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whatever it may be more money,
security for my family.' I can't offer

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a young person any of that stuff.

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If I'm like, 'Yeah, we're not growing.

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We don't scale here.

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This is a mom and pop.' And then, 'And
that's all we're going to keep it.'

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I don't want to go work at that company.

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Our 'Definition of a Successful Law
Firm', and you probably heard this  from

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our members who come to work with you.

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Our 'Definition of a Successful Law Firm'
is a law firm that serves the owner.

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In at least three ways, "Has
To Serve You Financially."

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Means it has to give you enough net
operating income or total owner benefit

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to live the way you want to live, not.

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To let you get by, not so you can, you
know, not all lists of all the things

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you can do without not, Hey, you know,
I don't, I can live with just this,

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you know, why live with just this?

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If you're capable of living with
more,  "Has To Serve You Financially."

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Second criteria for a successful
law firm, according to me and How

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To MANAGE professionally is it
"Has To Serve You Professionally."

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Which means, it has to give
you a platform  to have a

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big positive impact on the world, or at
least a big enough positive impact on

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the world to satisfy you professionally.

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And do it in a way that allows you to
work with people you like working with

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doing work that is meaningful to you.

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And third,  'Definition of
a Successful Law Firm' is it

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"Has To Serve You Personally."

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Which means it has to run
efficiently and predictably.

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And well enough so you can step
away for 30 days, at least 30 days

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with emergency access only  with
confidence that the business will

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work for you even while you're gone.

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So it "Has To Serve You Financially."

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"Has To Serve You Personally."

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"Has To Serve You Professionally."

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And

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one of the, one of the reasons
why, How To MANAGE keeps growing.

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And we've grown 10,000 percent
in the last nine years.

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We've been in 5,000 every single
year for nine years in a row.

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You know, look financially,
I, my mortgage is paid off.

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I have no debt.

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I have, let's just say, I don't
have a financial need to keep

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growing this business, and yet
I keep growing this business.

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Why do I do it?

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I do it because number one.

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I want to have a bigger impact on
the world and help more lawyers

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build better law firms that help
thousands and thousands and thousands

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of more clients and create jobs.

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And I just like helping people grow
and reach their full potential.

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That's my professional motivation.

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And,  and also I have to keep growing
it because how else am I going to

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attract and retain amazing superstars?

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You don't attract and retain
amazing superstars  by saying,

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'We're not going to grow.' 100%.

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It's exactly what you just said.

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I mean, they want to know what's
the opportunity, what's next.

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And  you know, you don't have to
have like the greatest, biggest, most

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elaborate ambitions in the world, but
you gotta be able to show a person an

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opportunity that you're going somewhere
if you want them to come with you.

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And this is part of the, this is the
irony, the paradox, if you will, of

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these small law firms that are struggling
and then they struggle and they make

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the wrong hiring decisions, right?

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So instead of hiring a lawyer
to replace themselves, they

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hire lawyers to assist them.

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And then they wonder why they
can never get away from the firm.

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The first strategic hire that every
small law firm owner listening

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to this ought to make are people
to replace yourself, right?

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So if you can hire someone to help you
for, let's say, I'm just making this up.

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$75,000 for a baby lawyer for
a baby lawyer and $150,000.

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Let's just say for a grown up lawyer, the
$150,000 lawyer is going to be much more

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profitable for you than the baby lawyer.

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And you tell yourself 'Well I can't
afford the $150,000 a year lawyer.' You

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can't afford the $75,000 baby lawyer.

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You can only afford the
$150,000 grownup lawyer.

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But of course, if you don't have a
business plan and you don't have any

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financial controls and you don't know your
cost of goods sold and you don't have a

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budget and you don't track your data and
you don't know your numbers and you don't

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pay attention to how your business runs.

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Well, then you don't see what's
blatantly obvious to the rest of us,

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which is the $150,000 grownup is way
more profitable in the short term and

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in the long term than the $75,000 baby.

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And I can get into explaining all
the reasons why, if you want me to.

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I think that's a good point, and
you're going to spend a lot of

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your time training, and they're
going to be shadowing you all

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the time, and you're going to be
less time to bill for yourself.

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I 100 percent agree, and

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Let's say Let's put some math to it.

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$75,000 lawyer, right?

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$75,000, times 1.2, gross it
up to $90,000, with payroll

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taxes, benefits, $90,000.

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Divided by, let's say 46
productive weeks in a year.

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That's all you're really
going to get out of a person.

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$1,956 is what it costs
you  per week, per week.

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Okay.

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I did the math wrong.

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$90,000 divided by 52 weeks is going
to cost you $1,730 per week, right?

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$150,000 a year lawyer would
obviously be twice that much.

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It'd be $3,400 a week.

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Except the difference is that
the $150,000 lawyer is going

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to be breaking even in 30 days.

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You put together a good onboarding plan.

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The first 30 days of any new employee's
time on the job, I don't want them doing

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one single productive thing for your firm.

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All I want you doing for the
first 30 days Is investing,

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investing, investing, investing,
and setting them up for success.

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So you can have a long term
profitable person in that role, right?

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00:09:06,875 --> 00:09:14,834
So let's say, uh, the $90,000
person, $90,000 divided by 52 is, I'm

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writing this down so I don't forget,
$90,000 is $1,700 a week, and the

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$150,000 person is $3,500 a week.

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You with me?

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Mm hmm.

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Yeah.

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So let's say you invest 4 weeks
on the $3,500 an hour, $150,000

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a year, I'm sorry, $3,500 a week,
$150,000 a year, grown up, self

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sufficient, experienced lawyer.

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You spend, you invest a month
training, training, training,

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training, training, really training
them to be successful with you.

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So $3,500 times 4, you got
$14,000 invested in this person.

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You with me?

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But then they're up and running.

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At 14, at $14,000 invested, boom,
they're at least breaking even for

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a month or two, and then they start
making a profit for you in a month.

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The $1,700 a week, quote unquote,
less expensive, $75,000 half price.

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Scratch and dent baby wet behind the ears.

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You have to train them
how to do everything.

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And they come back to you
and ask you a questions and

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questions, a million questions.

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It might take you three months to get
that person to break even if you're lucky.

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Right?

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So $1,700 a week times 12
weeks, three months is $20,000.

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So it costs you less and you
get to break even sooner.

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And probably $150,000 a year lawyer.

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And then on top of that, the $150,000
a year lawyer, you're probably

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going to have a higher profit
margin on, and they're going to ask

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you less questions in the future.

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And if something were to happen to
you, they can take over and you can

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give them a bunch of stuff directly off
of your caseload and let them do it.

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And then you can focus on working
on the business instead of doing

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all the legal work yourself.

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I'm sorry?

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That's a really good tip right there.

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I watch these people,  stack associates
all day long and not have any

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other senior attorney all the time.

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And then it also, what, what ends up
happening is you know, one out of three,

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one out of three baby lawyers who's
never practiced law before, or they

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barely practiced law before they they're
working for you for three months, six

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months, nine months in your practice area.

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And then they'd say, 'You know what?

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00:11:49,480 --> 00:11:53,410
I don't really like this practice area as
much as I thought I was going to.' Right?

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00:11:53,600 --> 00:11:56,120
'It looked really interesting from
the outside, but I've never done it

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before.' 'And it turns out I don't
really like doing bankruptcy.' 'I

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00:11:59,660 --> 00:12:02,619
don't really like doing divorce.' 'I
don't really like doing immigration.'

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00:12:02,620 --> 00:12:05,699
'I don't really like doing
intellectual.' Whatever it is.

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00:12:05,760 --> 00:12:06,130
Right?

201
00:12:07,090 --> 00:12:09,000
And they need to follow their bliss.

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00:12:09,029 --> 00:12:10,409
They need to follow their career.

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00:12:10,410 --> 00:12:11,690
They need to do what's right for them.

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And what's right for them is to leave.

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00:12:14,439 --> 00:12:15,790
And so you have to start all over again.

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00:12:16,555 --> 00:12:24,015
And you just invested, you wasted
potentially, uh, $40,000, $50,000.

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00:12:25,365 --> 00:12:35,184
The person who's been practicing for,
you know,  for a while,  they know what

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00:12:35,184 --> 00:12:36,715
it's like to be a family law attorney.

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00:12:36,724 --> 00:12:40,434
They know what it's like
to be  an M&A attorney.

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00:12:40,455 --> 00:12:43,085
They know what it's
like to be a litigator.

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00:12:43,085 --> 00:12:44,655
They know what that's like.

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00:12:45,125 --> 00:12:47,525
They're not going to wake up
and say, 'I changed my mind.'

213
00:12:47,525 --> 00:12:48,775
'I don't want to do this anymore.'

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00:12:49,075 --> 00:12:50,035
They've already gone through that.

215
00:12:50,375 --> 00:12:51,195
They've been through that.

216
00:12:51,205 --> 00:12:54,085
They've already, they've already left
three other practice areas behind.

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00:12:55,675 --> 00:12:58,664
Anyway, this could be
a whole other podcast.

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And I'd be happy to get, listen, I can
talk about any of this stuff all day long.

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00:13:02,905 --> 00:13:04,054
I love talking about this stuff.

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00:13:04,384 --> 00:13:08,615
No, there's so many different topics
and,  we can go down a  ton of rabbit

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00:13:08,635 --> 00:13:10,205
holes and I've, I appreciate that,

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00:13:10,495 --> 00:13:12,624
but that's why everyone should
go to www.HowToMANAGE.com and

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00:13:12,635 --> 00:13:13,765
download the free app and.

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00:13:15,805 --> 00:13:18,845
Yes, if you're  if you're on us
with video, LinkedIn, YouTube,

225
00:13:19,065 --> 00:13:22,135
Facebook, right down below it's
www.HowToMANAGE.com . If you're in

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00:13:22,135 --> 00:13:24,745
your car, driving to work, whatever.

227
00:13:24,775 --> 00:13:25,434
Pull over!

228
00:13:25,735 --> 00:13:26,405
Pull over!

229
00:13:26,575 --> 00:13:29,224
Go to www.HowToMANAGE.com

230
00:13:29,705 --> 00:13:30,355
Don't get hurt!

231
00:13:31,315 --> 00:13:31,515
I

232
00:13:31,515 --> 00:13:33,574
know a lot of, uh, uh,
personal injury attorneys.

233
00:13:34,264 --> 00:13:37,985
So,  no, RJon, I appreciate everything
you've, you've come on here to share.

234
00:13:37,985 --> 00:13:41,445
I love the passion and, and that's what
we, that's what I'm looking for, right?

235
00:13:41,445 --> 00:13:42,655
That's what we need on this show.

236
00:13:43,775 --> 00:13:47,704
What these attorneys that I
speak with often that just aren't

237
00:13:47,704 --> 00:13:49,505
in a good spot,  need to hear.

238
00:13:49,675 --> 00:13:50,385
And so I appreciate it.

239
00:13:50,685 --> 00:13:52,015
Are we winding down here?

240
00:13:52,825 --> 00:13:53,305
What's that?

241
00:13:53,455 --> 00:13:54,685
Are we winding down?

242
00:13:56,055 --> 00:13:58,364
If you want to wind down, you
got, I wanted to make sure.

243
00:13:58,650 --> 00:13:58,810
Share.

244
00:13:58,810 --> 00:13:59,810
No, I'm happy all day long.

245
00:13:59,864 --> 00:14:02,114
I just wanna make sure that I have
a chance to talk about my book.

246
00:14:02,324 --> 00:14:02,655
No, no.

247
00:14:02,805 --> 00:14:04,035
That's exactly what I was about to do.

248
00:14:04,035 --> 00:14:06,374
I was like, let's, I wanted to
share about your book, so not

249
00:14:06,374 --> 00:14:09,325
winding down, but I wanna make
sure that, um, we can flip over to

250
00:14:09,325 --> 00:14:09,595
that.

251
00:14:09,595 --> 00:14:14,450
RJon's got a new book, Profit First for

252
00:14:14,460 --> 00:14:15,190
Lawyers.

253
00:14:15,220 --> 00:14:17,650
And I'm going to put up the,
the book here real quick too.

254
00:14:17,720 --> 00:14:18,730
Just, I know he's holding it up.

255
00:14:19,099 --> 00:14:21,639
It's on your screen, but
Profit First for Lawyers.

256
00:14:22,135 --> 00:14:23,725
And you can go to this QR code, too.

257
00:14:25,195 --> 00:14:25,975
Right there.

258
00:14:27,755 --> 00:14:29,895
I don't know how to do it.

259
00:14:29,895 --> 00:14:31,464
So,  just real quick.

260
00:14:31,545 --> 00:14:35,275
So,  I'll let RJon kind of talk
about his,  book real quick.

261
00:14:35,464 --> 00:14:38,314
It's the best book
that's ever been written!

262
00:14:38,685 --> 00:14:38,855
It is.

263
00:14:38,874 --> 00:14:40,584
It's even better than my last book.

264
00:14:41,035 --> 00:14:43,804
This is now the best book ever.

265
00:14:43,894 --> 00:14:53,345
No, really,  if you have already read
Profit First,  this book will go deeper

266
00:14:53,375 --> 00:14:57,355
into a whole bunch of things that Mike
wasn't able to get into because he

267
00:14:57,355 --> 00:14:59,065
wasn't writing a book just for lawyers.

268
00:14:59,510 --> 00:15:03,060
It'll give you a lot of
context for a lot of things.

269
00:15:03,550 --> 00:15:05,590
It'll help you understand why.

270
00:15:07,860 --> 00:15:10,069
I'll just read through the table
of contents to give you an idea.

271
00:15:11,780 --> 00:15:11,939
Yeah.

272
00:15:11,939 --> 00:15:14,660
And I'll add, so I am
a Profit First company.

273
00:15:15,220 --> 00:15:20,610
We, we read Mike's book,  Profit
First,  and implemented it

274
00:15:20,689 --> 00:15:22,049
about four or five years ago.

275
00:15:22,049 --> 00:15:26,080
And so we were very deep into it.

276
00:15:26,080 --> 00:15:28,820
And then of course RJon and his
team was nice enough to send me.

277
00:15:29,800 --> 00:15:33,720
A copy before his book published,
that me and my business partner read.

278
00:15:33,730 --> 00:15:39,749
And yes, it's, it's very much aligned
with how a law firm operates and

279
00:15:39,749 --> 00:15:41,139
dives into those different things.

280
00:15:41,139 --> 00:15:41,409
So,

281
00:15:42,490 --> 00:15:45,369
Yeah, so, I mean, if you've already
read Profit First, I think this

282
00:15:45,369 --> 00:15:47,060
book will be really fun for you.

283
00:15:47,489 --> 00:15:49,349
It'll definitely be profitable for you.

284
00:15:49,349 --> 00:15:51,859
You'll learn new ways to
implement Profit First to make

285
00:15:51,859 --> 00:15:52,900
your law firm more profitable.

286
00:15:53,189 --> 00:15:56,880
It'll also give you a lot of ammunition
that you can use when your bookkeeper,

287
00:15:57,010 --> 00:15:58,880
your accountant, your partners.

288
00:15:59,199 --> 00:16:02,610
You know, fight you on Profit First
because anyone, I mean, everyone who's

289
00:16:02,620 --> 00:16:06,344
doing They fight us on it, right?

290
00:16:06,484 --> 00:16:11,454
The table of contents is,  "This
Book Will Make Your Law Firm

291
00:16:11,464 --> 00:16:12,714
More Profitable.", And it will.

292
00:16:13,175 --> 00:16:14,575
Two, "You Are Not Alone."

293
00:16:15,515 --> 00:16:19,724
Number three, "Our Definition Of
Success of a Successful Law Firm

294
00:16:20,014 --> 00:16:23,764
(And Why It Should Be Your Definition
Of A Successful Law Firm Too!)",

295
00:16:23,765 --> 00:16:26,785
and why you should hold everyone
in your law firm to this standard.

296
00:16:27,615 --> 00:16:28,045
Four.

297
00:16:28,305 --> 00:16:32,885
But Profit-, "But Financial Profit
Isn't The Only Measure of Success."

298
00:16:33,015 --> 00:16:35,765
And I kind of gave a little hint
about that financial profit,

299
00:16:35,765 --> 00:16:37,365
personal profit, professional profit.

300
00:16:37,374 --> 00:16:40,194
You got to make sure your law
firm is doing all three for you.

301
00:16:40,894 --> 00:16:45,294
Chapter 5, "The 7 Main Parts
of Every Successful Law Firm."

302
00:16:45,605 --> 00:16:46,215
Chapter Six.

303
00:16:46,235 --> 00:16:47,685
"What Is Profit?"

304
00:16:47,695 --> 00:16:49,265
What does profit actually mean?

305
00:16:49,755 --> 00:16:54,075
Because if you ask two different lawyers,
how profitable their law firm is, you're

306
00:16:54,075 --> 00:16:58,214
liable to get at least three different
answers and it'll drive you insane.

307
00:16:58,405 --> 00:17:01,744
But once you understand what profit
really is and how to measure it and

308
00:17:01,744 --> 00:17:04,665
what Total Owner Benefits means.

309
00:17:05,474 --> 00:17:08,464
It'll give you a lot of clarity and
give you a lot of confidence and

310
00:17:08,474 --> 00:17:12,844
you'll have more productive, healthier
conversations with other lawyers.

311
00:17:13,054 --> 00:17:20,754
Number seven, "Understanding Why
Your C.P.A  Doesn't Absolutely

312
00:17:20,774 --> 00:17:22,635
Love Putting Your Profits First."

313
00:17:22,665 --> 00:17:28,189
"Understanding Why Your C.P.A Does
Not Love Putting Your Profits First."

314
00:17:28,419 --> 00:17:32,899
Will make you a lot more profitable
and make your life a lot better.

315
00:17:32,899 --> 00:17:37,679
I promise you why number eight,
"Why Generally Accepted Accounting

316
00:17:37,679 --> 00:17:40,330
Principles, Why GAAP Isn't For You."

317
00:17:40,620 --> 00:17:42,649
If you own your own law firm.

318
00:17:42,870 --> 00:17:45,195
GAAP is not for us.

319
00:17:45,485 --> 00:17:50,064
GAAP is, if you get nothing else from
this podcast, GAAP is not for us.

320
00:17:51,355 --> 00:17:56,004
Chapter 9 is defining an,  very,
very important accounting term.

321
00:17:57,264 --> 00:17:58,354
99.

322
00:17:58,385 --> 00:17:59,824
9 percent of C.P.As.

323
00:18:00,214 --> 00:18:01,344
don't know.

324
00:18:01,654 --> 00:18:05,395
They literally don't know
"Total Owner Benefits."

325
00:18:05,685 --> 00:18:07,524
You've got to live on.

326
00:18:07,845 --> 00:18:11,165
You got to know what "Total Owner
Benefits" are, or you're going

327
00:18:11,165 --> 00:18:12,915
to be wasting money on taxes.

328
00:18:13,154 --> 00:18:15,625
You, your profits are going to
be much diminished and it'll

329
00:18:15,625 --> 00:18:16,595
drive you a little bit crazy.

330
00:18:16,745 --> 00:18:22,155
Chapter 10,  is understanding
the difference between "Static

331
00:18:22,155 --> 00:18:24,655
Overhead and Dynamic Overhead."

332
00:18:24,885 --> 00:18:27,874
And when Mike was at my house
having dinner, when we first had the

333
00:18:27,874 --> 00:18:30,194
idea of doing something like this.

334
00:18:31,334 --> 00:18:35,870
We talked about static overhead
versus dynamic overhead, and I don't

335
00:18:35,879 --> 00:18:37,540
think he would mind me saying this.

336
00:18:37,659 --> 00:18:39,729
He was like, basically like, 'Damn!

337
00:18:39,729 --> 00:18:40,959
I should have put that in my book."

338
00:18:41,949 --> 00:18:44,790
so, but you know, he
already wrote the book.

339
00:18:45,179 --> 00:18:50,360
Chapter 11, "What a Small Law Firm
Bookkeeper (Who Doesn't Suck) Should

340
00:18:50,370 --> 00:18:56,029
Be Doing For You.", a law firm
bookkeeper who doesn't suck should

341
00:18:56,040 --> 00:18:59,429
be doing things for you and, and
lay it all out for you in chapter

342
00:18:59,429 --> 00:19:01,639
11 so you can measure and evaluate.

343
00:19:02,000 --> 00:19:06,529
Whether your bookkeeper is doing a
good job for you or not, because a bad

344
00:19:06,529 --> 00:19:10,449
bookkeeper or a bookkeeper who you like
them, they're wonderful, they're nice,

345
00:19:10,449 --> 00:19:13,860
they're terrific, they're friendly, they
send you a Christmas ham every year,

346
00:19:13,959 --> 00:19:17,549
blah, blah, blah, blah, blah, but they're
flushing your life down the fucking

347
00:19:17,550 --> 00:19:21,389
toilet, that's not a good bookkeeper.

348
00:19:21,979 --> 00:19:26,219
Uh, you gotta make sure- a bad bookkeeper,
and by good and bad, I don't mean

349
00:19:26,389 --> 00:19:27,939
that they do the books accurately.

350
00:19:28,679 --> 00:19:32,079
Doing books accurately is table stakes.

351
00:19:32,739 --> 00:19:33,489
A bookkeeper.

352
00:19:33,570 --> 00:19:33,779
Yeah.

353
00:19:34,419 --> 00:19:34,800
Yeah.

354
00:19:34,830 --> 00:19:35,300
That's like the

355
00:19:35,879 --> 00:19:36,830
minimum requirement,

356
00:19:37,110 --> 00:19:40,140
minimum, minimum, minimum requirement.

357
00:19:40,350 --> 00:19:42,370
But you talk to lawyers like,
'Oh, you like your bookkeeper?'

358
00:19:42,530 --> 00:19:42,780
'Yeah.

359
00:19:42,780 --> 00:19:46,519
They do my books accurately!' Yeah.

360
00:19:46,550 --> 00:19:48,190
And I mean, that, that's the minimum.

361
00:19:48,700 --> 00:19:50,110
It must be

362
00:19:50,129 --> 00:19:50,350
honest.

363
00:19:50,350 --> 00:19:52,699
Most bookkeepers started as
like an admin assistant that

364
00:19:52,699 --> 00:19:54,199
just becomes the bookkeeper.

365
00:19:54,910 --> 00:19:56,400
No, I'm talking about good bookkeepers.

366
00:19:56,400 --> 00:19:59,260
I'm talking about, there are bookkeepers
out there who are good bookkeepers.

367
00:19:59,260 --> 00:20:01,120
They are, they do accurate bookkeeping.

368
00:20:01,860 --> 00:20:05,750
They were trained as bookkeepers,
they work for a C.P.A, they work

369
00:20:05,750 --> 00:20:09,449
for a C.P.A by the way who thinks
GAAP is gospel and it's not.

370
00:20:09,999 --> 00:20:11,840
They're trained and they do
good bookkeeping, they're

371
00:20:11,840 --> 00:20:15,600
professional bookkeepers, and
they do accurate bookkeeping.

372
00:20:15,779 --> 00:20:19,860
But they still suck because they're
sucking all the profits out of your

373
00:20:19,860 --> 00:20:22,209
firm and you're thanking them for it.

374
00:20:23,719 --> 00:20:28,449
Chapter 12 are, we, we walk you
through, I walk you through "The

375
00:20:28,449 --> 00:20:32,610
Key Financial Reports That Every
Small Law Firm Bookkeeper Who

376
00:20:32,610 --> 00:20:37,519
Does Not Suck Ought to Insist On
Walking You Through Every Month."

377
00:20:37,560 --> 00:20:41,170
If your bookkeeper isn't
insisting, if your bookkeeper

378
00:20:41,180 --> 00:20:42,809
isn't a big pain in your ass.

379
00:20:43,394 --> 00:20:48,884
And insisting on walking you through
these key financial reports every month.

380
00:20:49,134 --> 00:20:53,654
They suck and they're doing you a
disservice and you are leaving probably

381
00:20:53,684 --> 00:20:58,964
tens of thousands of dollars of profit on
the table, possibly even every month or

382
00:20:58,964 --> 00:21:02,445
every quarter, or at the very least every
year, depending on the size of your firm.

383
00:21:03,945 --> 00:21:10,835
And then we go into "A Much Deeper
Dive into the Drivers of Profit Than

384
00:21:10,835 --> 00:21:15,064
Most Struggling Law Firm Owners Are
Ever Willing to Take" seriously.

385
00:21:17,185 --> 00:21:18,095
That's the book.

386
00:21:18,465 --> 00:21:22,715
And if you have already read Profit
First, or better yet, listened to

387
00:21:22,715 --> 00:21:25,625
the audio,  the audio is great.

388
00:21:26,065 --> 00:21:27,274
Mike records it himself.

389
00:21:27,274 --> 00:21:31,485
If you've already listened to Profit
First, or read Profit First, this

390
00:21:31,515 --> 00:21:41,135
will add a lot of color and dimension
to your,   to your experience.

391
00:21:41,294 --> 00:21:47,124
If you've never read Profit First, This
book is meant to be a rallying cry.

392
00:21:47,384 --> 00:21:51,704
This meant this book is meant to
convince you to read Profit First

393
00:21:51,965 --> 00:21:53,855
and to implement Profit First.

394
00:21:54,715 --> 00:21:56,434
And,  anyway, I hope everyone reads it.

395
00:21:56,984 --> 00:21:58,574
Yeah, I would say myself.

396
00:21:58,574 --> 00:21:59,685
I didn't hire a ghost writer.

397
00:21:59,685 --> 00:22:02,104
I actually sat down and wrote
the whole book in nine days.

398
00:22:03,645 --> 00:22:06,645
Well, I, I think I got a copy of yours
before it was even like published, so I

399
00:22:06,645 --> 00:22:08,324
got like some, like a rougher copy, which.

400
00:22:09,565 --> 00:22:10,105
It's great.

401
00:22:10,125 --> 00:22:12,784
So, I will say this, everyone listening.

402
00:22:13,585 --> 00:22:14,395
Profit First.

403
00:22:14,485 --> 00:22:17,695
Get RJon's book, version of it,
if you're a law firm, of course.

404
00:22:18,195 --> 00:22:19,014
But

405
00:22:19,455 --> 00:22:20,554
you have to

406
00:22:21,905 --> 00:22:25,865
Read the book with the
intention to start applying it.

407
00:22:25,895 --> 00:22:27,444
And it's not easy.

408
00:22:27,724 --> 00:22:29,245
Our bank pushed back on us.

409
00:22:29,254 --> 00:22:31,024
Our C.P.A pushed back on us.

410
00:22:31,485 --> 00:22:35,975
Our bookkeeper has had to constantly
evolve and to get the reports

411
00:22:35,975 --> 00:22:40,514
and things that we want to do,
but don't let it overwhelm you.

412
00:22:40,534 --> 00:22:41,925
You need to start.

413
00:22:41,925 --> 00:22:43,434
And we started early and I'm glad we did.

414
00:22:43,974 --> 00:22:44,214
And.

415
00:22:45,340 --> 00:22:50,030
We get profits and we make
profits and we,  it's, it'll,

416
00:22:50,050 --> 00:22:51,240
it'll change your life for sure.

417
00:22:51,240 --> 00:22:51,790
So I would say,

418
00:22:51,969 --> 00:22:53,340
Can I put a little math to this?

419
00:22:54,080 --> 00:22:54,429
Yeah.

420
00:22:55,050 --> 00:22:55,360
All right.

421
00:22:55,600 --> 00:22:56,160
Do it up.

422
00:22:56,899 --> 00:22:58,519
I'm taking out my calculator here.

423
00:23:00,709 --> 00:23:05,320
Let's say your law firm runs at, let's
just say 25 percent Total Owner Benefit.

424
00:23:06,699 --> 00:23:10,105
I'm just using that as a number to
make them, to make the math example,

425
00:23:10,115 --> 00:23:12,315
easy 25 percent Total Owner Benefit.

426
00:23:12,545 --> 00:23:13,025
You with me?

427
00:23:13,485 --> 00:23:14,805
Mm hmm.

428
00:23:16,145 --> 00:23:22,014
And let's say that you're billing by the
hour, which by the way, I really wish

429
00:23:22,014 --> 00:23:25,004
you would do value based billing, but
let's say you're billing by the hour.

430
00:23:25,605 --> 00:23:29,245
Um, and let's say you
bill at, give me a number.

431
00:23:29,564 --> 00:23:31,295
What's, what's the
number that your average.

432
00:23:31,590 --> 00:23:33,490
Array client is billing per hour.

433
00:23:35,030 --> 00:23:36,460
$300.

434
00:23:36,830 --> 00:23:38,539
We'll say $300 an hour, great.

435
00:23:38,989 --> 00:23:46,780
And let's say your law firm's going to
gross, let's just say a half, $500,000.

436
00:23:47,139 --> 00:23:47,509
Right.

437
00:23:48,050 --> 00:23:50,419
Um, $500,000.

438
00:23:51,375 --> 00:24:02,704
Divided by $300 an hour is 1,666
hours that you have to bill.

439
00:24:03,215 --> 00:24:03,584
Yeah.

440
00:24:05,955 --> 00:24:09,925
If you do Profit First and
you can increase your profits

441
00:24:09,925 --> 00:24:11,714
by let's just say 10%.

442
00:24:12,794 --> 00:24:13,084
Right.

443
00:24:13,094 --> 00:24:15,374
If you can increase your profits by 10%.

444
00:24:16,195 --> 00:24:28,104
So a $500,000 firm at a 25 percent Total
Owner Benefit margin, $500,000 times

445
00:24:28,174 --> 00:24:34,574
.25 means the owner is going to have
$125, 000 in Total Owner Benefits.

446
00:24:35,034 --> 00:24:35,524
You with me?

447
00:24:35,734 --> 00:24:36,064
Mm hmm.

448
00:24:36,105 --> 00:24:36,424
Yeah.

449
00:24:38,645 --> 00:24:48,059
If you can increase your profits by just
10%,  you could reduce your billables.

450
00:24:48,320 --> 00:24:58,060
By 166 hours a year, the 166
hours you don't have to work.

451
00:25:00,189 --> 00:25:11,460
Put another way, 1,666 1,666 hours
times $300 an hour is $500,000 a year.

452
00:25:12,610 --> 00:25:16,290
1,666 hours divided by 12 months.

453
00:25:16,909 --> 00:25:24,290
Is 138 hours a month, right?

454
00:25:25,360 --> 00:25:34,350
If you could get the same Total Owner
Benefit out of a $450,000 law firm, take

455
00:25:34,350 --> 00:25:39,949
the same $125,000 Total Owner Benefit,
except instead of having to gross

456
00:25:39,949 --> 00:25:43,489
$500,000, you only have to gross $450,000.

457
00:25:45,039 --> 00:25:53,724
$450,000 divided by $300 an hour means
you only have to bill 1500 hours a year.

458
00:25:56,534 --> 00:26:00,764
That's 166 hours a year
that you don't have to bill.

459
00:26:04,024 --> 00:26:11,465
166 hours you don't have to bill divided
by 46 productive weeks in a year.

460
00:26:11,895 --> 00:26:14,774
That's three hours a week
you don't have to bill.

461
00:26:16,695 --> 00:26:18,715
That's three hours a week
you don't have to bill.

462
00:26:19,504 --> 00:26:21,364
What could you do with
those three hours a week?

463
00:26:22,649 --> 00:26:25,899
Could you use those three hours
a week to do better marketing,

464
00:26:26,139 --> 00:26:27,209
to bring in more revenue?

465
00:26:27,570 --> 00:26:31,259
Could you use those three hours
a week to do more training?

466
00:26:31,350 --> 00:26:32,540
So you have a better staff.

467
00:26:33,200 --> 00:26:36,270
Do you want to take those three
hours a week and put them together?

468
00:26:37,409 --> 00:26:42,080
And have 14 hours once a month.

469
00:26:42,129 --> 00:26:44,729
That means once a month,
you could take two days off.

470
00:26:45,319 --> 00:26:48,749
You could take two days off
once a month and have the same

471
00:26:49,710 --> 00:26:51,759
Total Owner Benefit income.

472
00:26:52,340 --> 00:26:55,579
If you could just increase your
profits by 10 percent by using

473
00:26:55,579 --> 00:26:57,240
something like Profit First.

474
00:26:59,264 --> 00:27:02,504
Another thing to think about is you
could take off one whole week, a

475
00:27:02,504 --> 00:27:05,854
quarter, one full week per quarter.

476
00:27:06,034 --> 00:27:09,574
You could take off a whole week
per quarter to spend time with your

477
00:27:09,574 --> 00:27:13,654
family, to work on your health, work
on your business, do whatever you want.

478
00:27:16,924 --> 00:27:21,135
This makes a difference to
the quality of your life.

479
00:27:21,545 --> 00:27:25,725
This makes a difference to the quality
of your relationships with your family.

480
00:27:25,965 --> 00:27:28,135
This makes a difference to your health.

481
00:27:28,425 --> 00:27:32,005
This makes a difference to, it makes
so many differences in so many ways.

482
00:27:32,005 --> 00:27:33,484
It seems so simple.

483
00:27:34,155 --> 00:27:37,395
It really makes a difference
to take Profits First.

484
00:27:38,725 --> 00:27:43,134
Yeah, if you've never listened to
it or read the book,  Yeah, I think

485
00:27:43,155 --> 00:27:45,874
most people see it and they're
like, 'Oh, that sounds unethical.

486
00:27:45,925 --> 00:27:46,695
profits first?

487
00:27:47,605 --> 00:27:49,044
Profits before employees.

488
00:27:49,044 --> 00:27:54,339
Profits before family.' You got to read
it because then you'll understand it,

489
00:27:54,340 --> 00:27:59,370
You know, when you're going to- when you
go on a commercial airline, you know,

490
00:27:59,370 --> 00:28:01,270
they, you know, they tell you what to do.

491
00:28:01,280 --> 00:28:05,100
If there's an emergency, when the
airbag drops, the oxygen mask,

492
00:28:06,529 --> 00:28:07,679
Put it on yourself first.

493
00:28:08,069 --> 00:28:08,589
Why?

494
00:28:08,859 --> 00:28:09,910
So you can help others.

495
00:28:10,160 --> 00:28:12,440
Because if you can't help
yourself, you can't help anyone.

496
00:28:14,004 --> 00:28:17,014
Wouldn't it be great to take a
week off to rest and recharge

497
00:28:17,754 --> 00:28:20,915
and be your best for your clients
and be your best for your family?

498
00:28:21,155 --> 00:28:22,445
Profit First can help you do that.

499
00:28:23,264 --> 00:28:23,545
Yeah.

500
00:28:23,654 --> 00:28:24,065
Amazing.

501
00:28:24,185 --> 00:28:25,254
I'm just trying to sell a book.

502
00:28:25,254 --> 00:28:28,154
I'm just trying to, I'm just trying to
sell a book and convince you to read

503
00:28:28,154 --> 00:28:29,664
the book and take the book seriously.

504
00:28:29,944 --> 00:28:31,434
What you do with your life.

505
00:28:31,444 --> 00:28:32,225
That's up to you.

506
00:28:33,575 --> 00:28:35,435
Well, you can also tune in,
just put it on the screen.

507
00:28:35,435 --> 00:28:39,544
It's kind of over top us, but,  they're
like, Ooh,  Profit First For Lawyers.

508
00:28:39,544 --> 00:28:43,975
So RJon actually has a podcast
of Profit First For Lawyers.

509
00:28:44,325 --> 00:28:46,084
If you just Google "Profit
First For Lawyers".

510
00:28:46,575 --> 00:28:49,405
You'll, you'll see his book,
you'll see the podcast.

511
00:28:49,405 --> 00:28:50,405
It all comes up on Google.

512
00:28:51,095 --> 00:29:00,925
I want to say, Kevin, we have
already sold 26,000 books.

513
00:29:01,165 --> 00:29:03,735
It just went, it launched
in August, I think, right?

514
00:29:04,025 --> 00:29:04,844
July, August.

515
00:29:05,865 --> 00:29:07,515
Uh, not very long ago,

516
00:29:09,345 --> 00:29:11,035
July, it launched in July.

517
00:29:11,824 --> 00:29:12,824
This is September.

518
00:29:14,645 --> 00:29:16,545
We've sold 28,000 books.

519
00:29:17,805 --> 00:29:22,785
I have waiting lists after waiting lists
after waiting lists for all different

520
00:29:23,055 --> 00:29:24,765
products and services that we sell.

521
00:29:25,085 --> 00:29:29,064
This isn't me like, 'Oh, I got to
get another client.' I told you that

522
00:29:29,415 --> 00:29:34,525
a big part of the motivation why I
have grown How To MANAGE a Small Law

523
00:29:34,525 --> 00:29:37,905
Firm as, as much as I've grown it,
you know, this year, last year we

524
00:29:37,905 --> 00:29:40,275
did 29 and a half million dollars.

525
00:29:40,275 --> 00:29:43,335
This year we'll do 34, 35 million dollars.

526
00:29:43,769 --> 00:29:49,689
Uh, we'll be probably close to 45,
50 million next year in revenue.

527
00:29:50,840 --> 00:29:53,749
I don't need to make more
money from this thing.

528
00:29:53,769 --> 00:29:57,840
I want to have a bigger
impact on the legal industry.

529
00:29:58,325 --> 00:29:59,355
And I want to help more people.

530
00:29:59,985 --> 00:30:05,455
And, um, part of the reason that I agreed
to take nine days out of my life to

531
00:30:05,455 --> 00:30:10,405
write this book, because Mike asked me
to write this book for lawyers and I did.

532
00:30:11,655 --> 00:30:12,315
Mike's awesome.

533
00:30:14,325 --> 00:30:15,655
Ron's pretty cool too.

534
00:30:16,385 --> 00:30:16,855
What's that?

535
00:30:17,395 --> 00:30:19,075
And Ron's pretty cool too.

536
00:30:20,705 --> 00:30:21,365
Mike's partner.

537
00:30:22,185 --> 00:30:23,775
Who runs Profit First Professionals.

538
00:30:25,280 --> 00:30:25,650
Yeah.

539
00:30:25,660 --> 00:30:26,440
Mike's hilarious.

540
00:30:26,440 --> 00:30:27,930
So  I said his name, right?

541
00:30:27,930 --> 00:30:30,390
And he was very excited about
that one time on a podcast.

542
00:30:31,030 --> 00:30:31,550
Yes.

543
00:30:31,670 --> 00:30:32,670
Michalowicz.

544
00:30:33,790 --> 00:30:34,210
All right.

545
00:30:34,490 --> 00:30:35,840
What else would you ask me?

546
00:30:35,850 --> 00:30:37,390
What else would your
audience like to know?

547
00:30:37,850 --> 00:30:39,590
I'm happy to sit here all day talking.

548
00:30:39,810 --> 00:30:40,440
I love this stuff.

549
00:30:41,920 --> 00:30:43,700
No, I mean, I, this is, this is what I do.

550
00:30:43,700 --> 00:30:46,620
I talk about business and I get
to have attorneys on here and

551
00:30:46,620 --> 00:30:48,000
some are very successful, right.

552
00:30:48,000 --> 00:30:48,970
And they've done it right.

553
00:30:48,970 --> 00:30:52,790
And they've run a good business and
I bring them on here to share what

554
00:30:52,790 --> 00:30:54,020
they've done and what they've learned.

555
00:30:54,020 --> 00:30:56,370
And a lot of times they
are a How To MANAGE member.

556
00:30:57,020 --> 00:30:58,580
And they, they.

557
00:30:58,580 --> 00:31:00,305
You've had some of our members as guests?

558
00:31:00,935 --> 00:31:01,325
Oh, yeah.

559
00:31:01,405 --> 00:31:01,925
Absolutely.

560
00:31:02,325 --> 00:31:03,785
Can you think of anyone
off the top of your head?

561
00:31:05,155 --> 00:31:06,695
Well, I had Jimmy Grant on recently.

562
00:31:07,475 --> 00:31:11,635
Not sure who else.

563
00:31:11,635 --> 00:31:12,095
I don't know.

564
00:31:12,145 --> 00:31:13,465
I've had 300 attorneys.

565
00:31:13,705 --> 00:31:16,905
I've heard a few, but I'm drawing a blank.

566
00:31:17,525 --> 00:31:19,175
The lights are shining on my face.

567
00:31:19,245 --> 00:31:20,675
The microphone's in my mouth.

568
00:31:21,905 --> 00:31:24,619
I've had a lot of good guests, so
it's hard to put a finger on it.

569
00:31:26,540 --> 00:31:27,030
It's

570
00:31:28,690 --> 00:31:31,510
it's easy to forget a lot of stuff when
you got the lights in your face and

571
00:31:31,510 --> 00:31:32,720
they can microphone in your mouth, so...

572
00:31:32,720 --> 00:31:33,980
I got my big light right here, too.

573
00:31:34,010 --> 00:31:34,750
Yeah, exactly.

574
00:31:34,780 --> 00:31:38,480
No, but  I think Jimmy Grant's
the last one that I know of that

575
00:31:38,480 --> 00:31:43,340
was a How To MANAGE member But
to your point to your point.

576
00:31:43,670 --> 00:31:48,120
Everyone on here should be looking to grow
their firms expand it even if the money

577
00:31:48,120 --> 00:31:51,770
is not the driving factor But you still
have those other two goals the personal

578
00:31:51,770 --> 00:31:56,760
and professional and I was gonna add to
this too It's not only your as an owner

579
00:31:57,520 --> 00:32:01,830
personal, or professional, personal,
and financial goals, but you know, we

580
00:32:01,830 --> 00:32:03,530
have that for each of our employees.

581
00:32:03,960 --> 00:32:07,810
What are their professional,
personal and financial goals?

582
00:32:07,940 --> 00:32:11,100
And  how are we helping
them meet those goals?

583
00:32:11,960 --> 00:32:14,050
So take that to your staff as well.

584
00:32:14,110 --> 00:32:18,260
Like, hey,  senior attorney or
associate attorney or admin.

585
00:32:18,270 --> 00:32:18,980
It doesn't matter.

586
00:32:19,150 --> 00:32:21,900
How about receptionist,
paralegal, secretary?

587
00:32:21,910 --> 00:32:24,110
How can we help you achieve
your financial, personal

588
00:32:24,110 --> 00:32:24,910
and professional goals?

589
00:32:25,660 --> 00:32:26,200
100%.

590
00:32:26,820 --> 00:32:29,005
And, and whatever it may be.

591
00:32:29,005 --> 00:32:32,335
And sometimes what I've found
with some of my employees, they

592
00:32:32,335 --> 00:32:37,225
don't even have that mindset and
they don't even know what to say.

593
00:32:37,225 --> 00:32:41,225
Like, 'Oh, I don't really have any goals.'
And you're like, 'Okay, let's sit down.

594
00:32:41,225 --> 00:32:41,645
Let's talk.

595
00:32:41,705 --> 00:32:44,855
Like you, we got to work on this.'
Like, 'What do you want to do?

596
00:32:45,555 --> 00:32:47,535
'
'There's gotta be something you're
passionate about that you'd like to

597
00:32:47,545 --> 00:32:49,405
do outside of this office.' Right.

598
00:32:50,130 --> 00:32:52,010
And so we'll, we'll dig
it out of them slowly.

599
00:32:52,010 --> 00:32:53,360
Like you gotta have some ambition.

600
00:32:53,370 --> 00:32:54,370
We got to figure something out.

601
00:32:55,020 --> 00:32:56,430
And they're like, 'Well,
I've always wanted to run a

602
00:32:56,430 --> 00:32:59,610
marathon in wherever.' Yeah.

603
00:32:59,660 --> 00:33:01,110
We might be able to say, 'All
right, well, you're going, we

604
00:33:01,110 --> 00:33:03,430
got you a ticket and you're off.'

605
00:33:03,640 --> 00:33:05,180
And you can take your time.

606
00:33:05,720 --> 00:33:10,650
You're referring to a few books that
I love,  because we do the same thing.

607
00:33:10,650 --> 00:33:15,400
I mean, this, this, every, every one
of our employees at How To MANAGE,  we

608
00:33:15,620 --> 00:33:19,060
have, we help them create what we
call a "Business Contribution Plan."

609
00:33:19,745 --> 00:33:23,845
And, you know, we've got our business
plan that's got our plans for the future.

610
00:33:24,265 --> 00:33:27,115
And so we help them create a
"Business Contribution Plan", which is

611
00:33:27,115 --> 00:33:30,525
basically a personal career life plan.

612
00:33:31,675 --> 00:33:33,045
And we merge it together.

613
00:33:33,045 --> 00:33:37,405
Like this is how it fits
into our business plan.

614
00:33:38,095 --> 00:33:41,745
And that is great because then we know,
okay, you know what, we're going to

615
00:33:41,755 --> 00:33:45,075
help you achieve your financial goals,
your personal goals, your professional

616
00:33:45,075 --> 00:33:46,345
goals, whatever, whatever, whatever.

617
00:33:47,035 --> 00:33:50,125
And we map out that.

618
00:33:50,255 --> 00:33:50,785
Okay.

619
00:33:51,415 --> 00:33:55,425
36 months, you're gonna have
to leave working for us to go

620
00:33:55,425 --> 00:33:56,925
off in this other direction.

621
00:33:57,415 --> 00:34:01,335
But we can get you there and you're gonna
get the most amazing performance outta

622
00:34:01,335 --> 00:34:06,135
that person,  for that period of time
until it's time to go your separate ways.

623
00:34:06,815 --> 00:34:07,025
Yeah.

624
00:34:07,025 --> 00:34:10,165
And then they leave on, and
then they leave on great terms.

625
00:34:10,470 --> 00:34:13,200
And then they help you find their
replacement and then they help

626
00:34:13,200 --> 00:34:14,730
you on board the replacement.

627
00:34:14,980 --> 00:34:17,590
And then when you've got questions
after they're gone, they're happy

628
00:34:17,590 --> 00:34:19,460
to take your call and help you out.

629
00:34:19,810 --> 00:34:26,390
And then what's really cool is they
often  will send you other employees

630
00:34:26,400 --> 00:34:28,500
or other candidates that they run into.

631
00:34:28,780 --> 00:34:30,710
And then your recruiting becomes easier.

632
00:34:31,180 --> 00:34:34,670
And then when you're recruiting candidates
and you talk about the fact that this

633
00:34:34,670 --> 00:34:38,830
is something  that you do for them,
that this is part of the culture of

634
00:34:38,830 --> 00:34:44,260
your business, the wrong people don't
care and the right people love it.

635
00:34:46,560 --> 00:34:47,240
100%.

636
00:34:47,650 --> 00:34:49,530
And they might call back and
say, 'Hey, can I come back?'

637
00:34:50,920 --> 00:34:51,830
Yeah, they do.

638
00:34:51,860 --> 00:34:53,990
The place they go might
not have this in place.

639
00:34:54,010 --> 00:34:54,430
Probably a good

640
00:34:54,430 --> 00:34:54,720
chance.

641
00:34:54,720 --> 00:34:55,070
It doesn't.

642
00:34:55,280 --> 00:34:58,650
Well, yeah, but the thing is, if
you're doing your job as an employer,

643
00:34:59,060 --> 00:35:01,320
you're helping your employee make.

644
00:35:01,740 --> 00:35:04,660
The career move, you're
counseling them, you're coaching

645
00:35:04,660 --> 00:35:05,710
them, you're advising them.

646
00:35:06,040 --> 00:35:08,640
You don't just let them
pick a new job on their own.

647
00:35:08,860 --> 00:35:12,460
You say, 'Look, let us help you figure
out if this is the right job for you.'

648
00:35:12,460 --> 00:35:16,270
I had a, I had a, one of our, one of our
people from our accounting department

649
00:35:16,280 --> 00:35:20,935
recently who was, he needed to grow.

650
00:35:20,955 --> 00:35:24,295
He needed to leave our...he needed to
leave working for How To MANAGE a Small

651
00:35:24,295 --> 00:35:26,795
Law Firm to continue to grow his career.

652
00:35:27,015 --> 00:35:30,365
Because at that time, there just
wasn't anywhere else for him to go.

653
00:35:30,695 --> 00:35:33,335
If you want to stick around for two
or three years, there's some place for

654
00:35:33,335 --> 00:35:36,295
you to go, but you really shouldn't
stick around for two or three years.

655
00:35:36,465 --> 00:35:37,955
You're ready to go to the next level.

656
00:35:37,995 --> 00:35:42,115
You just don't have an opportunity
in our organization right now.

657
00:35:42,355 --> 00:35:46,405
So you let us help you figure out
what your next move is going to be.

658
00:35:46,795 --> 00:35:49,365
And I mean, I coached
him, I counseled him.

659
00:35:49,365 --> 00:35:53,785
We, we sat down and helped him evaluate
three different options, three different

660
00:35:53,785 --> 00:35:58,355
opportunities that he had  and helped
him pick the right opportunity.

661
00:35:58,485 --> 00:36:05,665
And I actually sat down,  I was actually
sitting with the owner of that law firm

662
00:36:05,675 --> 00:36:09,915
that he ultimately went to go work for,
and he's been promoted twice since then.

663
00:36:10,295 --> 00:36:14,315
The point I'm making, you got to help
people get to where they want to go.

664
00:36:14,355 --> 00:36:18,225
That that's really how you build
and sustain a successful business.

665
00:36:18,595 --> 00:36:19,825
And I personally think it's good life.

666
00:36:19,825 --> 00:36:20,090
Yeah.

667
00:36:20,090 --> 00:36:21,150
And you can't, you

668
00:36:21,150 --> 00:36:24,225
can't just be stuck on the fact
that  they can't leave here.

669
00:36:24,245 --> 00:36:27,355
They can't leave me, you know,
they got to stay here forever.

670
00:36:27,355 --> 00:36:30,332
And then God forbid, you're
running  a firm that's not growing

671
00:36:30,332 --> 00:36:33,113
and scaling and has no processes,
and then you're just, you're doing

672
00:36:33,113 --> 00:36:34,765
a huge disservice to that person.

673
00:36:35,255 --> 00:36:38,715
You know, what kind of business,
put things in place to prevent

674
00:36:38,725 --> 00:36:40,305
people from being able to leave.

675
00:36:45,020 --> 00:36:46,060
We talked about restaurants.

676
00:36:46,060 --> 00:36:47,150
We talked about hotels...

677
00:36:49,560 --> 00:36:50,370
Law firms?

678
00:36:51,550 --> 00:36:52,330
Prisons.

679
00:36:52,570 --> 00:36:52,680
Oh.

680
00:36:52,680 --> 00:36:53,440
Prisons!

681
00:36:54,470 --> 00:36:57,450
Prisons are designed to prevent
people from being able to leave.

682
00:36:58,740 --> 00:36:59,310
And that's what you

683
00:36:59,710 --> 00:37:00,540
possibly built.

684
00:37:00,590 --> 00:37:00,930
Right?

685
00:37:02,170 --> 00:37:07,170
Yeah, I mean, you know, anyway,
that's not a good place to try

686
00:37:07,170 --> 00:37:08,390
to recruit superstars into.

687
00:37:09,235 --> 00:37:09,415
No.

688
00:37:09,415 --> 00:37:11,035
You gotta, you gotta build something.

689
00:37:11,185 --> 00:37:14,425
And this goes back to the processes and
the systems and the procedures, because

690
00:37:14,425 --> 00:37:19,155
if you've got processes and systems and
procedures for recruiting, for onboarding,

691
00:37:19,285 --> 00:37:24,225
for training, and if you can put a
really good person into a system and get

692
00:37:24,255 --> 00:37:28,445
amazing performance out of them, you're
not afraid of someone outgrowing you.

693
00:37:28,445 --> 00:37:32,315
It's actually an amazing thing for
recruiting when you've got a culture

694
00:37:32,315 --> 00:37:34,945
where everyone knows that people are
going someplace and doing something.

695
00:37:35,755 --> 00:37:39,015
I've lost a few, uh, good
employees to entrepreneurship.

696
00:37:39,810 --> 00:37:44,830
And when they came in the door as
an intern, we knew if we don't keep

697
00:37:44,830 --> 00:37:47,880
up with this person and give them
enough opportunity fast enough,

698
00:37:48,700 --> 00:37:50,330
they're, they're not going to be here.

699
00:37:50,330 --> 00:37:51,760
We just, we could tell, we could feel it.

700
00:37:51,760 --> 00:37:54,860
And now, now when we bring someone
on like that, we're like, we, they

701
00:37:54,860 --> 00:37:56,530
cannot be like a low level person.

702
00:37:56,530 --> 00:37:57,670
They have to have a path.

703
00:37:58,575 --> 00:37:59,915
Uh, as if everyone has to.

704
00:37:59,935 --> 00:38:00,205
But...

705
00:38:00,225 --> 00:38:05,045
I challenge, I wanna challenge you
to just think about the mindset

706
00:38:05,075 --> 00:38:06,935
that you just demonstrated there.

707
00:38:07,885 --> 00:38:13,575
Sorry to challenge you on a mindset
thing, live on your podcast . That's fine.

708
00:38:13,605 --> 00:38:21,000
You said 'We've lost a few employees.'
I say we've graduated a few employees.

709
00:38:21,080 --> 00:38:21,320
All right.

710
00:38:21,370 --> 00:38:21,800
I love it.

711
00:38:21,850 --> 00:38:22,740
I appreciate that.

712
00:38:23,510 --> 00:38:24,560
And I wasn't saying it in a bad

713
00:38:24,560 --> 00:38:24,800
way.

714
00:38:24,800 --> 00:38:29,370
I know you weren't, but the words
make a difference, not just for

715
00:38:29,370 --> 00:38:30,520
you, but for your whole team.

716
00:38:30,810 --> 00:38:38,290
We literally think of ourselves as like,
we graduate people out of working with us.

717
00:38:40,300 --> 00:38:43,720
Look, we graduate our members.

718
00:38:44,260 --> 00:38:47,833
A law firm comes into How To MANAGE
a Small Law Firm with zero dollars in

719
00:38:47,833 --> 00:38:53,379
revenue or they come in with $250,000 in
revenue or they come in with $500,000 in

720
00:38:53,380 --> 00:38:57,070
revenue or they come in with a million
dollars in revenue or sometimes they come

721
00:38:57,070 --> 00:38:58,730
in with a few million dollars in revenue.

722
00:38:59,210 --> 00:39:04,090
And our goal is to graduate them
up and out of How To MANAGE a Small

723
00:39:04,090 --> 00:39:09,390
Law Firm so that they can bring in a
full time in-house professional legal

724
00:39:09,390 --> 00:39:16,050
administrator so that they can bring
in-house a full time,  controller or CFO.

725
00:39:16,350 --> 00:39:21,000
And so they can bring in a
full time in-house CEO and, and

726
00:39:21,000 --> 00:39:22,470
then they outgrow our services.

727
00:39:22,480 --> 00:39:25,060
And that's like some of our
best...I just got a text last night

728
00:39:25,390 --> 00:39:27,010
from one of our former members.

729
00:39:27,280 --> 00:39:29,940
And she literally just, I mean,
I get texts like this all the

730
00:39:29,940 --> 00:39:31,320
time from our former members.

731
00:39:31,420 --> 00:39:35,710
And she was just saying,  that they're
on a 10 million dollar run rate.

732
00:39:36,030 --> 00:39:39,490
And she was like  at
the, what did she say?

733
00:39:45,660 --> 00:39:48,580
About to break $10 million on the year.

734
00:39:48,850 --> 00:39:51,190
And here I'm covering the name.

735
00:39:54,000 --> 00:39:55,350
Like, I can't make this stuff up.

736
00:39:55,380 --> 00:39:55,780
Right?

737
00:39:57,300 --> 00:39:58,470
Wow, that's awesome.

738
00:40:00,540 --> 00:40:03,680
I love it when people outgrow us.

739
00:40:03,690 --> 00:40:05,250
That means we're doing the right thing.

740
00:40:05,250 --> 00:40:06,270
We're helping people grow.

741
00:40:06,280 --> 00:40:07,940
Why else do people want
to do business with you?

742
00:40:08,600 --> 00:40:09,500
That's a good testament right there.

743
00:40:09,500 --> 00:40:10,930
Why would they be  texting you?

744
00:40:11,580 --> 00:40:14,800
They obviously felt How To MANAGE
is  a big part of why they got there.

745
00:40:15,180 --> 00:40:17,550
I get texts like that all the time.

746
00:40:17,870 --> 00:40:24,990
It's really very, very, I love it
when people, I mean, I still send

747
00:40:25,000 --> 00:40:29,735
texts and celebrations to my mentors
and that's the right kind of mentor,

748
00:40:29,735 --> 00:40:30,875
that's the right kind of coach,

749
00:40:31,115 --> 00:40:33,595
that's the right kind of advisor,
that's the right kind of employer

750
00:40:34,065 --> 00:40:35,175
you should be looking for.

751
00:40:35,175 --> 00:40:38,355
Someone who wants to help you
grow and isn't afraid of you

752
00:40:38,375 --> 00:40:40,335
outgrowing their business model.

753
00:40:40,595 --> 00:40:42,885
We also have Scaling Up Your Law Firm.

754
00:40:43,925 --> 00:40:48,500
Scaling Up Your Law Firm will
take you from $1 million to $10

755
00:40:48,500 --> 00:40:53,234
million, $10 million to $25 million,
$25 million to $100 million.

756
00:40:53,235 --> 00:40:58,065
And just like Mike Michalowicz with
Profit First came to us and asked us

757
00:40:58,065 --> 00:41:01,425
to write Profit First For Lawyers.

758
00:41:02,285 --> 00:41:02,525
Yeah.

759
00:41:02,965 --> 00:41:03,525
Vern.

760
00:41:05,755 --> 00:41:05,955
Yeah.

761
00:41:05,955 --> 00:41:12,135
Vern, came and asked, you know, the
Scaling Up organization, asked us to

762
00:41:12,135 --> 00:41:17,025
create a program called Scaling Up
Your Law Firm, which we just launched.

763
00:41:17,025 --> 00:41:17,995
There's a waiting list for it.

764
00:41:17,995 --> 00:41:18,845
I'm not trying to sell it.

765
00:41:19,265 --> 00:41:21,075
I'm just making the point.

766
00:41:22,090 --> 00:41:23,480
You want people to grow.

767
00:41:23,520 --> 00:41:25,110
You gotta have, you
gotta help people grow.

768
00:41:26,200 --> 00:41:26,840
100%.

769
00:41:26,860 --> 00:41:28,790
And I think, you know, you come
into the realization that,  you're

770
00:41:28,790 --> 00:41:33,200
gonna have good folks come in to
your team and they might be gone.

771
00:41:33,410 --> 00:41:36,660
You might not want to see them go,
but it's the right thing for them.

772
00:41:36,670 --> 00:41:38,370
It's gotta be the right move for them.

773
00:41:38,620 --> 00:41:41,140
And so we have a lot of team
members that have left and I

774
00:41:41,140 --> 00:41:41,760
think that's the thing too.

775
00:41:41,760 --> 00:41:44,590
Like I try to call my team,
team, not employees or staff.

776
00:41:45,110 --> 00:41:48,860
But it's, there's so many that
I'm still in contact with.

777
00:41:49,320 --> 00:41:51,360
That say, 'Hey, I saw you
guys are hiring for this.

778
00:41:51,390 --> 00:41:54,880
I know someone.' And then
that's a good referral, right?

779
00:41:54,910 --> 00:41:58,800
I know that if you're gonna, they're
gonna send me someone that they think

780
00:41:58,800 --> 00:42:01,030
would be a good fit for our organization.

781
00:42:01,030 --> 00:42:03,390
So it's, it's a great way to go.

782
00:42:03,420 --> 00:42:04,720
That's a good tool.

783
00:42:04,970 --> 00:42:06,229
Speaking of

784
00:42:06,230 --> 00:42:10,320
which I actually have to
interview a candidate who was

785
00:42:10,370 --> 00:42:12,150
referred by one of our employees.

786
00:42:12,660 --> 00:42:14,240
And I got to do that 10 minutes from now.

787
00:42:14,240 --> 00:42:14,830
So I got to jump.

788
00:42:16,140 --> 00:42:16,420
Yeah.

789
00:42:16,580 --> 00:42:19,970
When you get ready for that, we've spent
plenty of time on here and I appreciate

790
00:42:19,980 --> 00:42:24,540
all the passion and, and bringing the
fire and that's what we want on here.

791
00:42:25,020 --> 00:42:27,310
You've got to get Profit
First For Lawyers..

792
00:42:27,730 --> 00:42:29,180
Again, it changed our business.

793
00:42:29,550 --> 00:42:32,690
And you got to check it out
and they got the podcast too.

794
00:42:32,730 --> 00:42:37,200
So,  RJon's actually always
looking for questions too, and

795
00:42:37,200 --> 00:42:38,430
he'll answer those on the podcast.

796
00:42:38,430 --> 00:42:44,155
So  go in and interact with that and he'll
answer his questions if you have them.

797
00:42:44,235 --> 00:42:47,175
And then, if you're listening right
now and you have other questions,

798
00:42:47,295 --> 00:42:51,015
things that I can ask RJon or maybe
have him back on, let me know.

799
00:42:51,055 --> 00:42:53,035
Like, the hardest things
you can come up with.

800
00:42:53,770 --> 00:42:54,630
We can answer them for you.

801
00:42:54,890 --> 00:42:57,930
So, RJon, thank you so much.

802
00:42:57,930 --> 00:42:57,940
I

803
00:42:57,950 --> 00:42:58,540
appreciate it.

804
00:42:58,720 --> 00:42:59,240
You're welcome.

805
00:42:59,280 --> 00:43:00,310
Thank you for having me.

806
00:43:00,330 --> 00:43:05,140
And, and again, I, I would not have
accepted the invitation if I hadn't

807
00:43:05,310 --> 00:43:11,070
been hearing good things from my team
about their work with your team and

808
00:43:11,070 --> 00:43:12,730
the results you get with our members.

809
00:43:13,040 --> 00:43:15,170
And of course, I also listen to
your podcast and it's pretty cool.

810
00:43:15,550 --> 00:43:15,850
Thank you.

811
00:43:16,450 --> 00:43:17,210
Well, I appreciate that.

812
00:43:17,210 --> 00:43:18,420
Well, I'm going to stop recording here.

813
00:43:18,580 --> 00:43:20,960
You stay on with me for just
a second if you have it.

814
00:43:21,605 --> 00:43:27,945
Everyone have a great day go out there
scale your law firm listen to RJon.

815
00:43:27,965 --> 00:43:30,555
Check out How To MANAGE, check
out his book and his podcast.

816
00:43:31,255 --> 00:43:33,355
He's gonna help you one way or another.

817
00:43:33,355 --> 00:43:36,805
So, uh, just do that and have a
great day and we'll see you on

818
00:43:36,805 --> 00:43:37,435
the next episode.

819
00:43:38,605 --> 00:43:38,955
Bye.

820
00:43:39,685 --> 00:43:40,945
And that's what we've got for you today.

821
00:43:40,945 --> 00:43:45,125
Folks, if you have questions
for RJon, send those my way at

822
00:43:45,125 --> 00:43:47,955
Podcast@ProfitFirstForLawyers.com.

823
00:43:47,975 --> 00:43:51,515
And be sure to check out our earlier
episodes if you want to get more great

824
00:43:51,520 --> 00:43:55,685
content that will help you accelerate
your law firm's growth and give you

825
00:43:55,685 --> 00:43:58,775
more insights that will help you
live the life that you want to live.

826
00:43:59,415 --> 00:44:03,150
And make sure you hit those like and
subscribe buttons so that you know

827
00:44:03,160 --> 00:44:05,150
the moment new episodes are released.

828
00:44:05,540 --> 00:44:07,310
We will see you in season two.

829
00:44:07,910 --> 00:44:11,580
Thank you for joining us on another
episode of Profit First For Lawyers.

830
00:44:11,950 --> 00:44:16,090
If you're enjoying what you're hearing,
tell a friend and buy your copy of

831
00:44:16,140 --> 00:44:18,630
the book at ProfitFirstForLawyers.com.

832
00:44:19,900 --> 00:44:23,720
Your future self will thank you for
it and we will see you next time.