Get the business knowledge you need, when you need it
Law school prepares you to be a lawyer. We all remember courses like torts, civil procedure, and legal writing. But what many legal educations still lack is information on how to run a business – a law firm – that profitably and efficiently delivers your counsel to clients.
There are a few options when it comes to augmenting your business knowledge, and most are cost-intensive, time-intensive or both! You can earn an MBA or other advanced business degree; you can add business reading to your already packed day; or you can spend the time to recruit and hire (and pay!) “C-level” executives like a CEO, CFO, COO to bring their expertise to your practice.
The problem is that sometimes you need C-level business expertise but you don’t really need it full-time, or your money is better spent investing in other areas of your firm to help accelerate growth – marketing or technology for example. And that’s where YourExecutive comes in.
At Affinity, we know that if you are a leader of a firm, your focus in on the practice of law and serving clients. We have consultants on our team who have decades of experience helping businesses – including law firms – run in ways that are in line with industry standards, efficient and financially sound.
YourExecutive is a service that you can use on a recurring basis – for example, maybe you need CFO level knowledge that is “on call” or used once a month or once a quarter to help you consolidate, analyze and report on financials.
It’s also a service you can use to address a specific need. Perhaps you are developing a succession plan, merging with another firm, or adding a new office. We can provide CEO or COO support through that process without you having to worry about recruiting a new employee and / or addressing if there is a role for them long term (not to mention paying for their overhead).
And YourExecutive doesn’t just provide real-time support, part of what we strive to do is build up your comfort level and knowledge in all areas of your firm as much as you desire. We provide re-useable tools that can augment your existing operations and aid in your firm’s growth until there’s a time when you are ready to look at hiring a full time team member to take on those tasks.
Some of the areas with which we can help:
1. Strategic Management
a. Assist Partners and firm management in defining the firm’s Vision & Mission Statement
b. Develop strategic metrics for tracking progress
c. Review / analyze existing processes and make recommendations that align processes with goals
d. Create strategic communications plans for your organization
2. Operations Management
a. Improve firm processes (standard operating procedures) to increase bottom line
b. Develop a plan for regular review of firm policies and procedures
c. Development of metrics tracking systems/processes
d. Develop / refine organizational structure and employee development and review
3. Financial Management
a. Ensure proper fiscal record-keeping and reporting
b. Review monthly financial statements, internal controls policies and ensure effective audit trails are in place
c. Prepare Cash Flow Projections and Financial Management Reports
d. Assist in the development of a “Financial Dashboard” to regularly report on key financial metrics
4. IT Management
a. Conduct a technology audit of firm’s IT resources and recommend improvements
b. Work with business leaders to identify core processes and develop technology plan for support of these processes (i.e. paperless)
c. Work with financial team to develop/evaluate IT budget and address cost and efficiency savings
d. Manage major software projects – including but not limited to: version upgrades/system implementations/hardware migrations
5. Profitability Management
a. Develop processes procedures to ensure attorneys capture all billable time
b. Study of time spent on billable tasks versus non-billable tasks & collection analysis
c. Report detailing current state of billing and collections processes
d. Provide a step-by-step plan for collections and profitability improvement
e. Implement metric reports on fees; costs; utilization rates; billable hours; collections & performance