Are You Financially Ready to Hire? The 3 Hiring Tests for Law Firm Owners (Ep. 163)

Hiring readiness is a major challenge that confronts law firm owners. On this episode, I discuss 3 hiring tests for law firm owners and why hiring decisions must move from gut feel to objective, data-driven tests focused on cash flow and profitability.

Darren discusses:

• How firms can overcome the black hole challenge
• Why you need to pay yourself a market based wage?
• The two hardest functions to outsource in a growing business.
• How to create a written plan to reach market wages over time.
• Two questions you must answer before you start hiring.
• Why you need to secure a capital safety net before hiring?

Resources:

• Book: Profit First – Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz
• Simple Numbers, Straight Talk, Big Profits!: 4 Keys to Unlock Your Business Potential by Greg Crabtree
• Simple Numbers 2.0 – Rules for Smart Scaling: A Play by Play Analysis for Pure Growth by Greg Crabtree
• Law Firm Profitability Assessment
• How to Calculate Your Law Firm Tax Reserve

Connect with Darren Wurz:

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