054: 5 Ways to Improve Your Bottom Line with Jeannette Byrd
You’re about to get a front-row seat to a conversation that could drastically improve your practice’s bottom line.
Join Steve as he chats with Jeannette Byrd from Byrd & Associates, leveraging her experience as a CPA and unique insights from family ties to the legal profession. Together, we explore the nooks and crannies of efficient cash flow management and strategic thinking that can revamp your financial strategy.
We dig deep into managing trust accounts and why accurate tracking is necessary to maintain ethical compliance. Jeannette and Steve unpack the three-way reconciliation process. This tool could save you from potential pitfalls and spotlight the crucial role of a robust system for billing and collections. Trust us; these can be game-changers for your practice! We also zero in on how timely invoicing, tracking attorney and paralegal profitability, KPIs, and automation can make your firm’s cash flow sing.
Lastly, Jeannette unfolds the magic behind the rule of three – an intriguing performance indicator for success in a fixed-rate or flat-fee firm. But it’s not just about numbers. We also discuss how specializing in a specific area of law and pricing services accurately can elevate your practice to attract more high-end clients.
Throw the doors wide open to a financially prosperous practice with this thought-provoking conversation.
In this episode, you will hear:
- The importance of efficient cash flow management and strategic thinking in revamping a law practice’s financial strategy
- The role of accurate tracking and managing trust accounts to maintain ethical compliance
- How timely invoicing, tracking attorney and paralegal profitability, KPIs, and automation improve a firm’s cash flow
- The “rule of three” as a performance indicator for success in a fixed-rate or flat-fee firm
- The benefits of specializing in a specific area of law and accurately pricing services to attract high-end clients
- Utilizing financial information to determine employee compensation
- The need for law practices to save for taxes and future growth
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Supporting Resources:
The Billable Hour Law Firm Webinar – Understanding Growth Strategies to Maximize Profits
Cashflow and Profitability: What Law School Didn’t Teach You About Running a Successful Law Firm
Byrd & Associates, LLC phone number: (407) 478-8272
The Richest Man in Babylon: The Original 1926 Edition by George S. Clason
Steve Riley
Certified Practice Advisor & Attorney
Steve Riley has coached attorneys for more than 20 years. His one-on-one coaching focuses on a limited number of top producing attorneys committed to taking their practices to new levels of excellence, profit, and personal success. He also presents at group coaching workshops around the country for individual law firms, state bar associations, and other legal organizations.