The word “profit” has somehow become a charged one, so, before exploring the virtue of putting “profit first,” it makes sense to be really clear on (1) what profit really is; and (2) when you put profit first, what it is that you are no longer putting first? And are you okay with that?
Once you come to the decision to put profit first, you can then choose the profitability of your law firm. It’s difficult or impossible to do this when you run your firm (or any small business) the “traditional” way, which typically puts profit last.
What is profit? Some think of it as almost a dirty word when, in fact, it is anything but. The formula of profit is simple:
Profit = exchanging something you value less, for something you value more