Grow your firm with data-driven financial strategy. Uncover profit center analysis, budgeting tips, and metrics that boost your bottom line.
Is Your Firm Profitable? Moving Beyond Revenue to Analyze Performance by Practice Area and Attorney Revenue is vanity. Profit is sanity. Cash flow is reality. This old business adage hits home for professional service firms. It is entirely possible for a firm to celebrate a record-breaking year in top-line revenue while simultaneously struggling with cash […]
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Escaping the “Lockup”: Strategies to Improve Cash Flow and Reduce Work-in-Progress Cash is the life blood of any business. In fact, even profitable businesses can and do fail because of poor cashflow. This stark reality is the nightmare of business owners everywhere: a growing list of clients, a portfolio of complex projects, and an income
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The Dangers of DIY Trust Accounting: Moving Beyond Spreadsheets It starts innocently enough. A solo practitioner, just starting out, cannot justify the expense of specialized software. An Excel template seems perfectly adequate—just a few columns for dates, clients, deposits, and withdrawals. The firm grows, and the spreadsheet grows with it, accumulating tabs, formulas, and years
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Mastering the Three-Way Reconciliation: A Monthly Must for Every Firm If there is one task that separates compliant law firms from those facing bar discipline, it is the monthly three-way reconciliation. Trust accounting errors are the leading cause of ethical complaints against attorneys, and the majority of these errors stem from a failure to properly
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