Law Firm CFO Consultation Services & Strategist
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 tax advantages, effectively manages the back office, and helps the practice run like a real business.
Over the years, many of the most successful trial lawyers throughout the U.S. have retained our business services. What they know, is that they are great litigators… and they should be in the courtroom. The problem is, the “business” of law hinges not just on successful verdicts… but on sound business operations that efficiently engage your resources and efforts into avenues that allow you to take control of your law practice as a business.
We offer expert insight and implementation of best business practices, specifically for law firms. Much of our time is spent analyzing revenue streams, sources of revenue and potential multi-firm litigation mergers and collaborations. What works, what doesn’t… and how to make it better.
WHAT ARE YOUR FUTURE REVENUE STREAMS?
We regularly follow legal and market trends to identify key areas where legal practices can grow and prosper. It’s exhilarating to both devise a realistic strategy to target future growth and then implement it.
DO YOU USE LITIGATION FUNDING STRATEGICALLY?
Attorney and Law Firm Lines of Credit
- Trial Development Cost Funding
- Individual Case Funding
- Appeals Funding
- Fee Advances on Settlements and Verdicts
WHAT’S THE COST OF BACK-OFFICE OPERATIONS?
What areas are you over-spending? Under-spending… and wasting money?
- How can you increase your gross fees?
- How can you increase your net income?
- Does every attorney in your office have its own cost center?
- Do you do a post-resolution review on every case to determine the profitability of every case after it is concluded?
- Before you take on a case do you project out the actual cost of litigating through trial and determine the realistic value of the case in net fees to the firm?
We’ve seen and been a part of these (and many other) valuable changes through countless law firms.
Above, are just some of the questions we ask as a Law Firm CFO Consultant & Business Strategist. They are examples of some often-overlooked areas – mostly due to the fact that the law firm is so busy litigating, it’s ignoring basic business operations. Here are some more areas to think about…
- What cases will be profitable in the future
- Are the cases I currently have the kind of cases I want in the future
- New Profit Targets
- Case Evaluations
- Financial Forecast
- Growth of your Law Firm
- Stability Planning
- Mergers & Acquisitions
BUDGETING & FORECASTING
- Pricing / Cost Modeling
- Cash Flow Projections
- Profitability Analysis of Firm and Attorneys
- Expenditures Analysis
- Revenue Streams
CASE COLLABORATION: DO YOU PARTNER WITH LAW FIRMS?
- Do you work with the top Trial Lawyers in the country?
- Do you participate in National Mass Tort Litigation?
- Do you participate in National Class Action Litigation?
- Do you collaborate with renown trial lawyers who add value?
- Do you utilize to litigation partnerships to broaden your case portfolio?
- Do you utilize case collaborations to bring the maximum amount of expertise for each specific case?
- Do you form partnerships with other law firms enabling you share resources, thus reducing each firm’s costs?