Do you struggle with handling the finances in your firm? Do you want a guide for budgeting to help make the most of your revenue? In this episode, you will get insight into how the Profit First system is implemented in a contingency law firm. Brandon Osterbind, co-founder of Osterbind Law, started using Profit First in the third quarter of 2019. Since then he has seen tremendous growth in his firm and shares with us how Profit First has helped him change his mindset and strategies to amplify his profit.
Resources mentioned:
Brandon’s website - https://www.osterbindlaw.com/
Insight to Injury Podcast - https://www.osterbindlaw.com/podcast/
Episode 16 - Take Your Profit First - http://profitwithlaw.com/016
Episode 18 - Profit First Step-by-Step - https://www.profitwithlaw.com/018
Profit First by Mike Michalowicz - https://www.profitwithlaw.com/profitfirstbook
Dave Ramsey - https://www.daveramsey.com/
Lawclerk - ...
It’s Tax Day (finally!) in the United States. Moshe shares some reminders about deadlines and changes specifically for this special year.
It’s been 6 months (actually 7) since we released Episode 55 - Legal Industry Predictions for 2020 - and Moshe does a check-in, reviewing each prediction to see how we fared. He also adds some new ones for the second half of 2020. If you would like to know where the industry is headed and get in on the momentum, then you want to listen to this episode all the way to the end!
Resources mentioned:
Law Firm Growth Free Coaching Call
https://www.profitwithlaw.com/freecoaching
Episode 55 - Legal Industry Predictions for 2020
https://www.profitwithlaw.com/055
Join our Facebook Community: https://www.facebook.com/groups/lawfirmgrowthsummit/
To request a show topic, recommend a guest or ask a question for the show, please send an email to [email protected].
Connect with Moshe on:
Facebook - ...
Do you feel like you have to do all the work for your client? Are you overwhelmed by the lengthy tasks that don’t really need to be done by you? In this episode Moshe Amsel interviews Kristin Tyler, co-founder of LAWCLERK, and they discuss the solution to this very problem. Kristin enlightens us about the benefits of hiring freelance lawyers and how to utilize them. She shows us how to delegate certain tasks that don’t need to be done specifically by you. This episode can be life changing in freeing up your time!
Resources mentioned:
LAWCLERK - Use code: profitwithlaw20 to get $100 off your first project of $300 or more - lawclerk.legal
Join our Facebook Community: https://www.facebook.com/groups/lawfirmgrowthsummit/
To request a show topic, recommend a guest or ask a question for the show, please send an email to [email protected].
Connect with Moshe on:
Facebook - https://www.facebook.com/moshe.amsel
LinkedIn - ...
In episode 16 we learned the basics of the Profit First system and now we will do a Profit First deep dive. With these steps you’ll learn how to manage your money to create a healthy business.
One Time Setup
When you first start there are three steps to setting up the Profit First system and you only have to do it once:
Step #1
Set up five bank accounts.
You and/or your accountant will most likely have some resistance to this. You may be worried about:
Don’t worry about the cost because there are different ways you can get the fees waived.
Change. You will have resistance because this is a big change, but don’t skip this step because it’s the whole point of this system.
The five accounts are split into:
In this episode, Moshe Amsel interviews Morris Lilienthal. Morris has discovered how to achieve his purpose and do what he loves, while at the same time making his firm top of mind for everyone in the community. Morris has accomplished this by positioning his firm as a community participant, getting involved in the community through non-law related activities. Listen now to see the impact that has had in Morris’s firm and how you can achieve that as well.
Resources mentioned:
Join the Law Firm Growth Incubator - https://www.profitwithlaw.com/incubator
The Mo Show Live!: https://themoshow.live/
Join our Facebook Community: https://www.facebook.com/groups/lawfirmgrowthsummit/
To request a show topic, recommend a guest or ask a question for the show, please send an email to [email protected].
Connect with Moshe on:
Facebook - https://www.facebook.com/moshe.amsel
LinkedIn - https://www.linkedin.com/in/mosheamsel/
Is your firm struggling with cash? Are you not bringing home enough money?
If the answer is yes, then it’s time to implement the Profit First system (from the book Profit First by Mike Michalowicz).
Owner’s Pay v.s. Profit
Before we get into anything let’s define Owner’s Pay and Profit.
Owner’s Pay is your salary for working.
Profit is what the firm made after all expenses were paid.
The Problem
What is causing this cash problem?
The root of the problem is human nature.
Mike Michalowicz likes to call what we do “bank balanced accounting” and that is where we naturally look at our bank accounts each morning and one of three things will happen:
When people are looking to hire a lawyer, they want someone who is authentic and the go-to lawyer of that practice area. In this insightful interview, Moshe Amsel and Mike Saunders discuss the many ways to build your authority. When you become the authority figure of your practice area, people will gravitate to you because you are familiar and knowledgeable. Listen now to discover the different ways you can become the go-to person for your potential clients.
Resources Mentioned:
Law Firm Growth Free Coaching Call - https://www.profitwithlaw.com/freecoaching
Mike Saunders’ Website - https://authoritypositioningcoach.com/
FREE Access to Authority Marketing for Law Firms Book - https://www.profitwithlaw.com/authoritybook
Get your first authority boost single or triple pack ($497/$997) and start positioning yourself for success today - https://www.profitwithlaw.com/authority
Podcast 2 Publish - ...
In this eye-opening interview, Moshe Amsel and Andrew Stickel reveal the power of information products in your marketing strategy. They break down the basics of marketing and how to develop successful strategies in moving potential clients up the value ladder. With creative, insightful, and easy to understand examples, this interview will open your eyes to easier, simpler, and more profitable ways to market using your information products.
Resources mentioned:
Business by Design - https://www.profitwithlaw.com/bbd
How to Get More Law Firm Clients by Andrew Stickel - https://freebookforlawyers.com/
Trello - https://trello.com/
Join our Facebook Community: https://www.facebook.com/groups/lawfirmgrowthsummit/
To request a show topic, recommend a guest or ask a question for the show, please send an email to [email protected].
Connect with Moshe on:
Facebook - https://www.facebook.com/moshe.amsel
LinkedIn - ...
Marketing can be such a struggle. There are so many different strategies that it’s hard to choose which one to use or know if it will work. Well, in this episode Moshe Amsel interviews Sid Peddinti, who shares the secret ingredient to marketing successfully: educating. Listen to this episode to learn more about how educating your audience through a non-profit education center can provide free lifetime marketing and an endless stream of clients for your law firm.
Resources mentioned:
Business by Design - https://www.profitwithlaw.com/bbd
Grants for Lawyers - https://www.profitwithlaw.com/freegrants
Living Forward Book by Michael Hyatt and Daniel Harkavy - https://www.profitwithlaw.com/livingforward
Join our Facebook Community: https://www.facebook.com/groups/lawfirmgrowthsummit/
To request a show topic, recommend a guest or ask a question for the show, please send an email to [email protected].
Connect with Moshe on:
Facebook - ...
In this exciting episode, Moshe Amsel interviews his mentor James Wedmore, the guru of million-dollar information product businesses. He created a simple step-by-step guide to creating information products in your business. He shares with us the five essential gears that you need to run a successful digital business.
James’ video series Rise of the Digital CEO is currently out and free to watch but goes back in the vault in just over a week, so click here to access it: https://www.profitwithlaw.com/videoseries
Resources mentioned:
The FREE 8-Part Mini-Series: The Rise of the Digital CEO - https://www.profitwithlaw.com/videoseries
LIVE DEMO - Information Products for Law Firms - https://www.profitwithlaw.com/demo
Join our Facebook Community: https://www.facebook.com/groups/lawfirmgrowthsummit/
To request a show topic, recommend a guest or ask a question for the show, please send an email to [email protected].
Connect with Moshe on:
Facebook -...
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