Money, profit, probably isn’t the only reason you own a law firm. But it is an important part of it. Guest Ben Hockema is a financial planner who specializes in helping business leaders focus on long-term profits and understand why focusing on, and delivering, profit is so important.
Hockema’s company, Illuminate Wealth Management, works closely with law firms and their owners. Perhaps no one told you owning a law firm is owning a business. But the reality is you can’t effectively serve clients without focusing on your business and making it work. Law school may teach you the law, but no firm functions without profits. It’s important that you build a firm that pays you first.
A profitable firm starts with your mindset. If you’re distracted by financial insecurity, if your firm isn’t delivering the profits that allow you to practice without worry, you aren’t doing your best work. The profit-first mindset isn’t about being selfish, it’s about eliminating distractions.
Hear how Hockema helps law-firm owners reshape their understanding of how a firm works. Generating sustainable profit is a leadership decision, a conscious goal, not simply what’s left over at the end of the month. Consider these vital tips that can change your thinking (and understand the biggest mistake law firms make).
Mentioned in This Episode:
“Profit First,” by Michael Michalowicz
Clio legal software
Legal Talk Network
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