Profit: How Do You Know If Your Law Firm Is Profitable?
The profit your law firm generates is the first key indicator of your firm’s performance. Why else would you be in business if not to generate a profit?
The problem is, many of us do not understand how to arrive at this number. If you are looking at your Profit and Loss or Income Statement from your accounting software and relying on that to determine your profit then you are missing a key point.
In this episode, Moshe Amsel goes into detail to explain the different ways a law firm owner can get paid through their firm and why that makes a difference in how profit is calculated. Even if you hate numbers, you won’t want to miss this key lesson in understanding the most important number in your law firm’s health.
Resources mentioned:
Book a Free Coaching Session and Also Learn More About the 90 Day Law Firm Turnaround Group Coaching Program
Profit with Law Podcast Episode 16 - Take Your Profit First
Profit with Law Podcast Episode 18 - Profit First Step-by-Step
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Author
Moshe Amsel
Author
Moshe Amsel the host of the Profit with Law podcast is not an attorney. As the owner of a successful accounting firm DreamBuilder Financial and Law Firm Growth coaching organization Profit with Law, Moshe has proven that there are better and different ways for a law firm to do business and be successful.
