Tools for Understanding your Firms’ Financials

Many lawyers launch their practices without formal training in bookkeeping, finance, and accounting. Meanwhile, many (administrative) malpractice claims are files because of monetary errors. In this new world of changes and uncertainly, it’s more important than ever that your firm practices smart financial strategies, keeps that cash flowin', capital running, and risks are mitigated. This session will include the following topics to help you better understand your firm’s financial health as you prepare for a strong 2021.

Overview of key financial reports you should be looking at every month
• How to set up a meaningful profit and loss report
• Tracking income and expenses
• Capturing matter expenses
• Why did you need to look at your balance sheet
• Trust 3-way match reports
• Key numbers: what are they and how to use them
• Identifying your weak areas
• Collections
• Getting work done (your WIP/inventory)
• Invoicing
• Using retainers effectively