Profit First: The Right Choice

About this episode

Joam Alisme discusses how implementing the Profit First methodology transformed his law firm from a $60,000-a-year practice to one approaching seven figures in five years.

”Those of us who embrace Profit First as a way of life, we force ourselves to get creative with the money we have left over in the account for operating expenses.” – RJon Robins, author of Profit First for Lawyers In this episode, Joam Alisme shares why implementing Profit First was the right choice for his firm and why it’s time for fence-sitting law firm owners to take the leap. As RJon explains in the featured clip from the Profit First Summary chapter in the book (page 165) , “We believe it’s better to make tough choices in business than to have to make tougher choices at home.” Joam’s story proves this point, by choosing to follow Profit First methodology, he has transformed his practice from a $60,000-a-year firm in 2020 to a firm that is approaching seven figures just five years later. The Five Foundational Accounts In the clip from the audiobook recording session, RJon explains how the Profit First methodology operates with five foundational bank accounts: Main Income Profits (starting with just 1%) Owner’s Salary Taxes Operating Expenses By separating revenue into these accounts, law firm owners naturally embrace…

People in this episode

Host: RJon Robins

Guest: Joam Alisme

Topics covered

• Profit First methodology
• law firm management
• financial strategy
• business transformation
• entrepreneurship

Keywords

• Profit First
• law firm
• financial management
• business growth
• entrepreneurship
• RJon Robins
• Joam Alisme

Mentioned in this episode

Books & works: Profit First for Lawyers, Profit First

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