Nothing is more important to the successful practice of law than having a solid business and financial management foundation in place. The stability of your practice is dependent on developing efficient financing solutions, reducing overhead costs, growing your pool of clients, thereby keeping more of the revenue your firm generates.
Whether your firm is a solo practice or a multi-office behemoth, having the right team in place to help manage your firm will make you more profitable and allow you to devote more time to those activities that you are best at: prosecuting cases.
Cepac’s management team of highly experienced and innovative financial and operational consultants draw on their extensive corporate finance backgrounds to complete a thorough in-depth study of the strengths, weaknesses and marketing opportunities for each firm and develop an overall assessment of the operational and financial state of your law firm. The preliminary assessment includes:
• Overview of financial tracking, cash management and forecasting
• Overview of operational expenses
• Time/value analysis of historic and current case portfolio
• Evaluation of employee remuneration system and retention incentives
• Review of partner allocation of responsibilities and compensation
• Assessment of firm/partner wealth strategies
• Review of past tax returns to unlock credits against current or future filings
This assessment yields a comprehensive report that summarizes the findings, makes recommendations for increasing profitability and improving stability and provides a preliminary outline that forms the basis for a strategic business plan. Planning for firm and partner future financial goals is also part of the report.
These specialized financial consulting services clarify the current financial condition of your law firm; optimizes business planning and decision making; and helps your firm to reduce costs while implementing optimal strategies for wealth creation.
To learn more about how our financial and operational assessment can benefit your law firm contact us today.
