You work hard for your law firm’s success, your clients, and for yourself. But each and every month, you’re disappointed at the gap between what you expected to earn and what you actually recorded. You know your billable hours are at the heart of your practice and look to increase them. But what you’re ignoring is costing you valuable time, resources, and money.
And we know from the inside out; we’ve been in the legal profession for many years. And we too, have experienced the uncertainty of not having a hold on the back office operations, not knowing fully and precisely where you’re overspending, underspending, and outright wasting money.
Time and resources are precious to every law firm. And, with the right guidance, your practice can begin to reign-in out-of-control expenses, unnecessary expenditures, and finally get a firm grip on its finances. Your practice can actually learn where it’s losing, where it is succeeding, and where it can make significant gains. You just need a professional and experienced hand to point the way.
Dynamic Law Firm CFO Services
We know that your focus is on your clients, on your practice at-large. And we know that you simply don’t have the time or the formal training to get into the minutia of your practices’ finances. Sure, you can buy accounting software or even have your finances be recorded by a bookkeeper. But neither will tell you where you are generating new business, where you are losing money, and where you ought to be expanding.
Long seen as the overseer of a company’s books, finance chiefs have been getting more deeply involved in business strategy, deciding where to invest capital and even looking at a company’s product mix. They’re also taking on new responsibilities: overseeing divisions like information technology, production, customer service and human resources. — Wall Street Journal
That’s what an expert, well-rounded law firm CFO consultant comes in. Your practice depends on meeting client expectations and balancing those expectations with the nuances of the legal system. But it equally, if not more-so, depends on how you run your practice. And when your practice is putting its resources and efforts into the right avenues, it will allow you to take control, not only of your business, but your future.
The role of the CFO has changed drastically over the past several years. We’ve seen and been a part of those changes. With first-hand experience, we can identify key areas where your practice can grow. What’s more, we can devise a workable, realistic strategy to achieve those goals.
Implementing a growth strategy and defining roles is only part of what a law firm CFO can do for your practice. The right professional goes beyond the financials and looks into possible revenue streams, gets into the details of all expenditures, leverages all taxes advantages, effectively manages the back office, and helps the practice run like a real business.
Your law practice needs more than just a bookkeeper, it needs a professional with a vision, and, a passion for helping you firm achieve your ultimate goals. To that end, we are dedicated to offering the following law firm CFO services:
Strategic Planning. For your law firm to be profitable, it must foster dynamic and healthy practices. The key to reigning-in large costs is in turnover, while the driver behind growth is execution. We can help you effectively navigate the ever changing landscape of the marketplace and implement a sound growth strategy.
Budgeting and Forecasting. Budgeting is never a high priority for businesses, practically no matter the industry or niche. We can mold a budget that will help your practice grow in an efficient, yet dynamic manner. Costs will be analyzed and thoroughly vetted in an unbiased way.
Pricing and Cost Modeling. Though your law practice does not manufacture a tangible product, it nevertheless is a business. And, it needs pricing and cost modeling like any other corporation. We can put those metrics to work for your practice, giving it the insight it needs to continually grow.
Cash Flow and Profitability Analysis. Knowing the inflows and outflows of your law practice is critical to its viability now and well into the future. With the help of our law firm CFO services, your practice will know precisely where it can maximize your cash flow and minimize your expenses.
- Financial Summary
- Profit Areas
- New Profit Targets
- Case Evaluations
- Financial Forecast
- Growth of your Law Firm
- Stability Plannng