Getting Started as a Profit First Certified Lawyer™

What does being a Profit First Certified Lawyer mean for me?
Becoming a Profit First Certified Lawyer does four very important things for you.

1) Adds a profitable new practice area to your firm.

2) Helps you get your financial house in order, so that you can focus more on your clients, which will make them very happy!

3) Reforms your relationship with your clients, with a programmed, natural method to become closer to them, and what they need, which adds to their profit … and yours.

4) Adds a new, robust source of referrals to your law firm.

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Why do we call this “Profit First?”

Before going into great detail, I do want to address this concept of “Profit First.”

Why do we call this “Profit First?” It goes way beyond the obvious answer … that we have built this business in alignment with the concepts of the book by Michael Michaelowicz, and work closely with his team and his members across the country who refer business to Profit First Certified Lawyers (PFCLs). It means that we help our clients, and help ourselves, get back to the purposeof our business.

Profit First means:

That we help our clients who are business owners align their business goals and results with their values.

  • This includes why they went into business in the first place, and what the business is supposed to do for them!
  • The business should give them more in value than they give to the business … plain and simple.
  • If their business fails to do that … when business owners give more in value to their businesses than they receive in value … they haven’t really built themselves a business. We have a word for that kind of relationship with a business. It is called a JOB

That we lead by example. As their lawyers, our clients want to think of us as their trusted advisors. As a profession, we have strayed from this role, and become more and more transactional over the years. Our clients have problems, and we position ourselves to solve them.

  • As with any trusted advisor, our clients want to believe that we practice what we preach. For some, reforming their business will take a great leap of faith. That is easier when you believe your advisor has been willing to do the same.
  • As a professional, charged with looking out for the best interests of our clients, we have an obligation to be able to be focused on their problems, their opportunities, their risks and their optimized outcomes. It is difficult to do this when we are overly concerned about our own business performance, and whether we will be able to meet our own financial obligations. Adopting Profit First in our business makes it far more certain that we can do just that.

Profit First allows us to put our clients interests first!

Add a profitable new practice area

We will show you how to add a “Profit First” practice to your firm, where you will help your clients who happen to be business owners learn and implement Profit First in their business(es.) By helping them (using the process we have created and tested for you)

a) understand their goals, i.e. what they want from the business,

b) analyze where they are now, in terms of their true profitability, including their own compensation, tax liabilities, etc., and,

c) make a plan to get from here to there, that you will document for them, and break down into a step-by-step, month by month set of benchmarks and milestones.

You do not have to be a financial wizard … or even good with numbers to be effective in delivering this service! We will show you how to associate a Profit First team who will support you in the analysis and recommendations for your clients. We will also show you how to administer this program with little or no direct effort from you. Your role will be to interface with the client and advise the client based on what you learn.

Many firms achieve more than $300,000 in new revenues (and $251,000 in gross profits) from this practice area, just by rolling it out to their current (and sometimes former) clients. We help you focus there to get started, and to prove the concept for your later client acquisitions.

Get your own financial house in order

To earn your clients’ trust in this area … and to be able to speak from a place of integrity … it is important that you practice what you preach. Profit First Certified Lawyers will learn how to successfully implement Profit First into their own business, and we will hold you accountable … modeling exactly how you will work with your clients, in turn.

Reforms your relationships with your clients

Helping your clients who own businesses reform those businesses so that their business works for them requires you to ask questions … and listen to the answers … in a way that establishes you as a trusted advisor who actually cares about them, and their results! Also known as they way most lawyers today don't talk to their clients (anymore.)

Following the Profit First for Lawyers™ methodology, you will:

  • Have an initial 4-6 hour long conversation about every aspect of their business (and their lives.) We have scripted this for you, and you are encouraged to modify this script for your style, and for your individual clients.
  • Monitor their financial progress every month (this will be done by an administrative staff) for compliance with Profit First, and alignment with the goals you agreed. You will know, often before the client, if something is going off track, and reach out to the client right away to help correct their course
  • Have a pre-scheduled, “deep dives” with your clients that will ecourage them to turn to you to solve problems, give advice, and keep you abreast of developments in their business (and their life) that will generate even more business with them than the Profit First fees.
Adds a new, robust source of referrals to your law firm.

In helping your clients, you will be reaching out to Profit First Professionals to help with your clients bookkeeping and/or accounting. These professionals, and hundreds more like them, who have achieved the right to be Profit First Professionals®, are very excited about introducing their clients to you! They know that their bookkeeping clients, and their accounting clients are more compliant when they have a Profit First Certified Lawyer on their team. More compliance means more success for the client, which tends to keep the bookkeeper, the accountant (and the lawyer) retained in a long-term relationship with you!

What does it do for my clients?

Even though many Business Owners haven’t thought much recently about what the business is supposed to do for them, they will understand that you, their Profit First Certified Lawyer, understand that any business exists to serve its owner. If the business fails to provide the owner, with:

  • the financial means to live life the way s/he truly wants to;
  • the time to work on the business, not just in it;
  • the time to focus on the parts of his/her life that are important to him/her; and
  • the professional pride in the contribution the business makes to the world

then the business is not serving the owner.

So, as the Profit First Certified Lawyer, you will work with the business owner to clearly define, for you, and for the business owner, how you define success in these terms. Then, together, you will create a plan for how their business will proceed during the coming 1-2 years. You will work closely with their bookkeeper and accountant (or help them find good ones, using the referral network we will provide) to set up regular, at least monthly, reporting to you and to the owner to make sure they are keeping good track of their financials, and are securing the profits they need for their life.

In essence, your Profit First Certified Lawyer, will help you be a more “profitable person,” in every sense of the word.

PROFIT FIRST ON VIDEO!

How do I get started?

You already have!

If, you have decided to become a Profit First Certified Lawyer, your next step is to book yourself to a Certification class. The prerequisites are that you:

1) Have at least some clients who are business owners. This does not mean that you must be a “Business Lawyer.”

2) Commit to attend a Profit First Certified Lawyer Certification class. We typically schedule one per quarter, and they fill up fast, so please select one that works for you.

a. We will ask you for a deposit. This deposit is refundable if you cancel or re-schedule within 2 weeks of the date.

b. We request two full days of your attention. We will give you breaks, but request that you show up on time, and not plan to leave early.

How do I learn more?

If you have further questions, please feel free to schedule a time to speak with us, and get your questions answered.

When is the next event?

OCTOBER 18-19 - San Diego, Grand Hyatt

December 2-3 - AtlantA

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