Blogs
Law Firm Accounting: The Essentials
Key Concepts in Law Firm Accounting Cash vs. Accrual Accounting The cash accounting system is most widely used by law firms because of its simplicity, in that income and expenses are included in the firm’s ledger only when cash transactions are made. It is also due to...
Attorney Originations: Is it Still a Thing?
In today’s fast-evolving legal industry, law firms must be agile and innovative to stay competitive. One practice that may be limiting your firm’s growth, however, is the “origination credit” model—a system that compensates attorneys primarily based on the new clients...
What Are Fractional Services for Law Firms? A Comprehensive Guide
In the evolving legal industry, law firms are constantly seeking innovative ways to optimize operations, reduce costs, and improve client service. One of the emerging trends that has gained significant traction is the use of fractional services. But what exactly are...
KPI’s for Law Firms: The Basics
In today's competitive legal landscape, law firms need to measure their performance to stay ahead. Key Performance Indicators (KPIs) are essential tools for assessing various aspects of a law firm's operations, ensuring they are on the path to growth and success. In...
Maximizing Growth: The Role of Fractional CFO and COO in Small and Growing Law Firms
In the competitive landscape of the legal industry, small and growing law firms face numerous challenges in managing their finances, operations, and overall growth strategy. Often, these firms operate with limited resources and struggle to navigate complex financial...
Create A Budget For Your Law Firm
When launching a new business, a strong business plan is crucial. For new law firms, the founding partners should work together to create a business budget that sets up the firm for financial success. A strong budget can be the difference between a firm that lasts...
How Can a Fractional CFO Benefit Your Law Firm?
Whether you’re a solo attorney or the managing partner at a firm, lawyers are constantly trying to balance the practice of law and the business of law. It can be overwhelming to both advocate for your clients and be responsible for managing the firm’s profitability....
What are the Benefits of Working with a Fractional CFO or COO?
The legal services industry is a financial powerhouse in the US market, generating more than $370 billion in revenue in 2022 alone. While running a successful firm requires legal expertise, it also demands effective financial management and strategic operation...
When To Hire A Fractional CFO Or COO
Every business owner understands the importance of a Chief Financial Officer (CFO), but the idea of a fractional CFO is a relatively new concept in the business world. Fractional CFOs are also referred to as virtual CFOs. Fractional chief operating officers (COO) are...