PLEASE NOTE: CLEs for our activities are only available to LMICK Policyholders. Each attorney must go to the KBA website, login and post their CLE Credit. Instructions can be downloaded here.
From Panic to Profit, How 6 Key Numbers Can Make a 6 Figure Difference in Your Law Firm
Most attorneys go to law school with the promise there won’t be any math. Once they own their own practice, they realize the “numbers” are an integral part of owning a business – and yet they don’t know how to use them. The speaker will review the 6 Key Numbers every law firm owner should monitor, where to find them, and how to use them to go from panic to profit in your practice.
In this fast paced and entertaining session, participants will learn:
- The 6 Key Numbers® that should be tracked in every firm
- How to find those numbers, who is responsible for them, and how often to look at them
- Take a deep dive into Production to understand:
- The importance of billing goals and how to effectively implement them
- The capacity of their firm in terms of work that can be done by existing staff
- How to use WIP to project cash flow
- How to improve collections
- The mechanics of creating a Cash Flow Forecast (worksheet provided) and how to use it to improve firm operations