Cashflow & Profitability - Atticus Advantage
Cashflow & Profitability:
What Law School Didn't Teach You About Running A Successful Law Firm
Publisher: Atticus Ink 345 S. Highland St. Mount Dora, FL 32757
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission of the publisher, except for the inclusion of brief quotations in a review.
? 2020 Mark Powers and Shawn McNalis
ISBN: 978-0-578-75638-7
12 11 10 09 08 5 4 3 2 1
Table of Contents
This detailed TOC is being provided to facilitate easy navigation
About the Authors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . x
Acknowledgements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xiii
Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xv Missionary to Mercenary Spectrum. . . . . . . . . . . . . . . . . . . . . xvi The RULES of the Game . . . . . . . . . . . . . . . . . . . . . . . . . . . xvii
Chapter 1:
Building Your Firm's Financial Foundation . . . . . . . . . . . . . . . . . 1
Proactive Versus Reactive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Establish a System. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
The Monthly Meeting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
The Financial Template. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Use a Dashboard to Gain Control. . . . . . . . . . . . . . . . . . . . . . . .5
The Advantage of Using A Law Firm Dashboard. . . . . . . . . . . 6
Contingency Firm Dashboard . . . . . . . . . . . . . . . . . . . . . . . . . .10
A Word About Financial Professionals . . . . . . . . . . . . . . . . . . . 11
The Fraud Triangle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12
Motivation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Rationalization/Justification. . . . . . . . . . . . . . . . . . . . . 14
Opportunity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
The Cash Control System. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
The Case Status Meeting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Forms:
Monthly Financial Template Sample . . . . . . . . . . . . . . . 18
Financial Template Worksheet. . . . . . . . . . . . . . . . . . . . 19
Law Firm Dashboard . . . . . . . . . . . . . . . . . . . . . . . . . . .20
Contingency Dashboard . . . . . . . . . . . . . . . . . . . . . . . . 21
Business Structure Chart . . . . . . . . . . . . . . . . . . . . . . . .22
Chapter 2: Rates and Realization How Much Do You Charge And Then Collect? . . . . . . . . . . . . . 25
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