I know. I know. You went to law school because you were told there would be no math. And, yet: here we are. You’re running your own law firm, and you’re faced with numbers every day. You know what that’s called: cold reality.
You can’t wing it when it comes to law firm financials. In order to run a successful small law firm, you need to become a numbers guy, or gal. Your finances have to run on rails; you have to remain in control. To that end, visibility into your firm’s profitability, billing productivity and account receivables are your gateways to increased revenue.
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4:03 – Adding Financial Controls to Your Practice
5% of business revenue is lost through fraud or theft every year. Here are the accounting policies and anti-fraud methods every law firm should adopt to be less susceptible to loss.
20:10 – Derive New Insights From Reporting Tools + KPIs
The more data you can capture in your law firm through active reporting the more you know. The following reports and KPIs will help you make informed decisions to run a more profitable business.
38:06 – Increase Revenue By Discerning Financial Trends
You could be leaving money on the table month after month without even knowing it. With reports and KPIs in place, it behooves you to look for and identify financial trends in your practice and thereupon act on them to give you a competitive advantage.
42:07 – Capturing Time, Billing, and Collecting
Running an efficient law firm means being compensated for the entirety of your legal services. Employ these billing strategies and technologies to collect on every billable hour.
45:55 – Eliminate Accounts Receivable
If you’re not using ePayments, you’re missing out. Find out how Epayments enable you to get paid quicker and more easily at a cheaper cost to your firm than the alternative.
48:10 – Revenue Projections that Work
Having a budget and a price sheet in place enables you to reverse engineer your future revenue and make accurate projections for your company growth. Here’s how.