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Practical and insightful articles related to law firm financial management. Learn to produce sustainable financial freedom from law firm-specific financial insights and strategies.
The numbers are in. Study after study has shown that one problem keeps topping the charts and plaguing law firms: collections. Now, when I say “collections,” I’m not talking about shakedown...
If you’ve heard people throwing these terms around, you may be wondering what the difference is and if you need one or both. One of these things is not like the other A budget and a forecast are...
If you know me, you know how much I love to talk about financials. I am a CPA, after all, and it’s my job to love those numbers. But there’s another number in the Clio Legal Trends Survey that could...
What would you do if you found out someone was stealing $1500 from your firm every day? What if you discovered that an employee was embezzling $1500 from your firm every single day? Contracts...
Going into a new year, everyone has big goals and big dreams. You want to increase your profits but that can be a scary proposition and it can feel unachievable. Where do you even start? ...
Although non-lawyers like to think that attorneys swim in pools of cash, most law firms’ profits aren’t nearly as high as they should be. Sometimes, it’s a major failure causing the problem. In many...
Okay, it’s actually four things you need. Because the first thing you need is a GOAL! If you’re striving for a certain number of billable hours or a certain revenue number but don’t have a target...
Where did my profits go? One of the most common questions I get is “Where did my profits go?” Typically, I’m asked when I’m going over financials with a client and they notice the profit on their...
Do you have to spend money to make money? It’s an age-old question, but I think it may be the wrong question. It can lead us in the wrong direction and get us focused on the wrong things. So let’s...