Results-oriented financial management : a step-by-step guide to law firm profitability

Strong financial management helps law firms profit in the good times and weather the bad ones but it also takes time and effort. Finding the time during a busy day can be challenging, and for many firms, hiring an expensive CFO is out of the question. But now there s the newly updated and revised edition of Results-Oriented Financial Management. The first two versions have helped countless firms reach their financial goals, and this third edition is no exception. Nationally-recognized expert John Iezzi covers every aspect of the financial management process, from gathering a firm's historical data, to preparing and analyzing the overall financial plan. Whether you're a financial novice or veteran manager, this book will help you examine every facet of your financial affairs from cash flow and budget creation to billing and compensation, including: Calculating net income Preparing annual financial plans Setting billing rates and performing analyses on results Performing timekeeper breakeven analysis Examining cash flow analysis Performing pro-forma calculations And much more "

The life phases of a law firm -- Financial management : the process -- The financial plan : determining gross income -- The billing rate formula model -- Expenses -- Calculating net income -- The financial planning model -- Reviewing the results -- Financial reporting -- The balance sheet : the statement of worth -- Cost accounting -- Alternative billing : is there a better way? -- Budgeting in the plaintiff firm -- Using or misusing statistical surveys -- Problems of multioffice firms -- Owner compensation -- The multitier ownership structure and alternatives -- Accumulating equity in a professional services firm -- Mergers and lateral hires -- The leased law firm executive -- Compensation strategies for the nonowner attorney -- Getting the most of your tabs3 software -- How to survive as a legal manager.