Dream Bigger with Courage and Math

About this episode

Pietro Canestrelli discusses how Profit First accounting principles transformed his law firm's profitability and decision-making processes.

“I want you to feel empowered by the knowledge that GAAP is not the only way to manage a small law firm to profitability.” – RJon Robins, author of Profit First for Lawyers In this episode, Pietro Canestrelli shares how following Profit First accounting principles helped transform not just his law firm’s profitability, but the way he thinks about ownership, decision-making, hiring, and growth. Drawing from his experience as both a longtime tax attorney and as the owner of a rapidly growing law firm, Pietro explains why GAAP accounting was never designed to help small law firms maximize profitability and why business owners must become comfortable looking at their numbers regularly. Regular listeners know that RJon frequently speaks about GAAP and that there is an entire chapter titled, “Why Generally Accepted Accounting Principles (GAAP) Are Not Meant For You ” (Chapter 8) in Profit First for Lawyers . Well worth a second or third read for those who need a refresher. Courage and Math Pietro introduces a phrase that he says law firm owners need in order to build a profitable business: courage and math. The courage to face reality. The math to make…

People in this episode

Host: RJon Robins

Guest: Pietro Canestrelli

Topics covered

• profitability
• accounting principles
• decision-making
• law firm management
• business metrics
• growth strategies

Keywords

• Profit First
• law firm profitability
• GAAP
• business metrics
• decision-making
• courage and math
• ownership
• hiring
• growth

Mentioned in this episode

Organizations: GAAP

Books & works: Profit First for Lawyers, Why Generally Accepted Accounting Principles (GAAP) Are Not Meant For You

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