Mastering Law Firm Finances - 6 Key Metrics for Success

Introduction

It is often said, ‘what gets measured gets done’. Yet, in today’s data-rich environment, it can be difficult to identify the metrics that truly drive strategic action.

Discover why the most profitable firms don’t necessarily work more hours - they simply ensure their time is spent with the right clients and on the right matters.

This new virtual seminar will guide you through the six essential metrics every law firm should track on its balanced scorecard. You will learn how to calculate them, why they matter, and - most importantly - what they reveal about your firm’s performance and the actions you should take.

Ideal for senior fee earners, law firm partners, and anyone responsible for driving financial performance in a law firm, this session will give you a practical framework to analyse your firm’s profitability and develop strategies to maximise profits and improve cash flow without working a single extra hour.

What You Will Learn

This live and interactive session will cover the following:

• Gross Profit
• Understand the overall profitability of your firm
• ‘Per Seat’ Cost
• Identify the true cost of each lawyer’s seat and optimise efficiency
• WIP Ageing
• Monitor work in progress to manage cash flow effectively
• Lock-Up
• Learn how quickly your firm is converting work into cash
• Break-Even Points
• Determine the minimum performance needed to cover costs
• Matter Count
• Track case volume to balance workload and profitability

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.