You are correct about the order of the check--if the variable is null, calling .equals on the string constant will prevent an NPE--but I'm not sure I consider this a good idea; Personally I call it "slop".
Slop is when you don't detect an abnormal condition but in fact create habits to personally avoid it's detection. Passing around a null as a string for an extended period of time will eventually lead to errors that may be obscure and hard to find.
Coding for slop is the opposite of "Fail fast fail hard".
Using a null as a string can occasionally make a great "Special" value, but the fact that you are trying to compare it to something indicates that your understanding of the system is incomplete (at best)--the sooner you find this fact out, the better.
On the other hand, making all variables final by default, using Generics and minimizing visibility of all objects/methods are habits that reduce slop.