Tuesday, June 6, 2023

Ep 166 Profit First for Law Firms with Mike Chastaine

Rocky Lalvani - The Profit Answer Man

In today's episode, I sat down with Mike Chastaine, a former criminal defense lawyer who turned his struggling law firm into a profitable business using the Profit First system. Chastaine shares how he learned about the system and how it helped him allocate funds to different accounts, including a payroll account, profit account, tax account, discovery account, operating account, and rainy day fund account. He emphasizes the importance of making daily transfers to these accounts and building systems and processes in a business. Chastaine now consults with small and solo law firms to help them become profitable.

In this episode, you will learn the following:

  • The significance of putting in place organizational structures and operational procedures in a company, notably legal practices.
  • The benefits of being able to pick and choose clients and the importance of building a business that can run without the owner's constant presence.
  • The importance of establishing and maintaining a reserve account for a company, particularly in preparation for unforeseen occurrences

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