In this episode, Steve Fretzin and Ryan Kimler discuss:
- The numbers side of your law firm practice.
- The KPIs firms should be looking into.
- Why you need to understand your firm’s numbers.
- Utilizing an expert to look at your numbers to set your firm up for success.
Key Takeaways:
- A lot of built in reports in financial software are for compliance, not for understanding what is happening with your firm’s numbers.
- Five of the simple numbers you should be tracking regularly: revenue, cost of goods sold, and operating expenses (marketing, payroll, other overhead).
- Getting a numbers assessment will give you a starting place to understand what your firm needs.
- You didn’t go to law school to understand the numbers of your firm, working with a financial expert can help you to understand where you are at and where you are going.
"The rule of thirds absolutely still holds true today, which is, when you hire an attorney 1/3 of the revenue that are going to generate goes to pay them, 1/3 to overhead, and 1/3 to profit." — Ryan Kimler
Connect with Ryan Kimler:
Website: https://netprofitcfo.com/
Email: ryan@netprofitceo.com
LinkedIn: https://www.linkedin.com/in/ryankfinancialclarityllc/
Thank you to our Sponsors!
Legalese Marketing: https://legaleasemarketing.com/
Moneypenny: https://www.moneypenny.com/us/
Connect with Steve Fretzin:
LinkedIn: Steve Fretzin
Twitter: @stevefretzin
Facebook: Fretzin, Inc.
Website: Fretzin.com
Email: Steve@Fretzin.com
Book: The Ambitious Attorney: Your Guide to Doubling or Even Tripling Your Book of Business and more!
YouTube: Steve Fretzin
Call Steve directly at 847-602-6911
Show notes by Podcastologist Chelsea Taylor-Sturkie
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.