In order to operate profitably, law firms must regularly review financial performance in many key areas. This session will cover the key statistics to monitor.
Knowing the factors which impact law firm profits per partner enables a firm to take greater control of its bottom line and improve financial operations. Cost-basis or profit-center accounting can reveal a great deal about the firm’s operations, but must be handled carefully to avoid creating divisiveness in the firm.
Finally, understanding the anomalies of cash-basis accounting and its impact on interpreting the firm's financial data can greatly increase a firm’s ability to actively anticipate problems and work to avoid them.