Archive for the Financial Success

You decide what you are worth. You set the fees and determine what and how you bill. What do you want to make? Market levels are relevant; do you play at the high end of the fee schedule? In the middle? What do your clients expect to pay for your experience and services? Will your clients […]

Whew! I’m always relieved when “end of month” processing is completed. Just like you, CFO (& bookkeeper) isn’t my favorite role as an entrepreneur!
Anytime you create a system to get things done, you improve operating efficiency. Yet so many firms have no real processes related to financial tasks. As always- I encourage you to connect to your […]

I’ll assume you’ve been a reader and keeping track of randomly published but related posts… By now, you know where your financials stand as of the first half of 2008, and you have an idea of where you’ll be at the end of the year. What next?
First, narrow the focus-what describes you best?

I need more […]

I’ll assume you’re interested in this financial management conversation and have been taking action. By now, you know where your financials stand as of the first half of 2008, and you have an idea of where you’ll be at the end of the year. What next?
First- name your focus. What describes you best?

I need more […]

Focus brings results.  Get a handle on your results year-to-date, then forecast them going forward. Make choices about where to spend your time and money. The aim is to get what you want. Intentionally.
Start with a month by month spreadsheet, using the picture you already created for the first 6 months of the year. (OK, or 5 months, […]

Last year, I waited until Labor Day to ask you to take an early look at your 2008 results- I’m stepping it up this year!
The last week of June starts Monday. Time to prepare the billings that will wrap it up for the first half of the year. Great time to assess your midyear results. Get your […]

Solo lawyers must pay themselves salaries.
First- your business exists to serve your life. Your practice is a part of your life, but you also need to take enough money and free time out of it to have the big-picture life you want. Do not be satisfied with leftovers. Figure out what your target income is, then put yourself […]

It’s easy to get so caught up in billing that you fall behind in collections. Realization, a key financial management metric- asks “what percent of what you bill do you collect?” Until an invoice is paid, it is a receivable. You can see that no matter how much you bill - if you don’t collect, you aren’t […]

You probably know how many hours you’re in the office, but do you know how much you’re working? And if you do, how many of those hours are you billing? How much are you giving away?
Time tracking is essential for an lawyer. If you don’t know where you’re spending your time, you can’t ensure you’re […]

There are 3 keys to reaching your goals:

Know where you’re going
Know where you are now
Know why you’re where you are now

You’re thinking that I’ve once again demonstrated my firm grasp of the obvious- yes, it’s obvious- but not easy. My job is to ensure my clients get from point A to point B. Once we’ve answered […]