“The law firm that cannot function without its owner or owners being there every single day doesn’t really have a business. They have a job.” – RJon Robins, author of Profit First for Lawyers

Do you dream of a day when you can step away from the daily production work inside your law firm? You’re not alone. Many law firm owners find themselves so immersed in the practice of law that they have little time to build a business that can operate without them. So, where do you begin?

In part six of our seven-part financial literacy series, RJon explains why getting out of production is not an overnight decision, but a gradual transition. This episode builds on concepts introduced in Part 4: What Is Your Normalized Salary? RJon takes things a step further by exploring one of the biggest challenges law firm owners will face as they begin replacing themselves inside the business.

Every role you perform in your firm has value. Whether you are acting as a senior associate, marketing director, salesperson, IT specialist, or janitor, someone must perform that work.

The goal is not to stop doing valuable work. The goal is to intentionally replace yourself where it makes strategic sense while increasing the firm’s profitability enough to support new hires.

In a candid Q&A session with law firm owners held during the 2019 Profit First for Lawyers workshop, RJon lays out a practical truth many law firm owners avoid: When you stop doing a job, the business should stop paying you for that job.

The only way to maintain or increase your compensation is to create enough profit to replace the value you once produced. Transitioning out of production doesn’t happen overnight. It requires intentional planning and disciplined execution. If you’re ready to begin making that transition, this episode is for you!

Action Steps

The goal isn’t to simply stop working. It is to build a business that can keep its promises to clients, team members, vendors, and you, even when you are not there every day. That kind of freedom is earned by intentionally building a stronger business.

Stay tuned for the seventh and final episode in the Financial Literacy Series, where RJon brings together everything you’ve learned. You’ll understand why financial literacy is one of the most important skills a law firm owner can develop.