Adventures In Legal Tech cover image

Adventures In Legal Tech

Law Firm Financial Management - Strategies & Analytics with Brooke Lively

May 16, 2023
27:10

For today’s episode, Jared welcomes Brooke Lively, founder and CEO of Cathedral Capital, who discusses financial management and data reporting for law firms. By analyzing financial data with other factors, such as average case value and employee productivity, law firms can optimize their strategies and increase profit. Lively suggests using cloud-based software systems for efficient reporting and data tracking. Cathedral Capital assists law firms in setting up systems and determining data to monitor, ultimately helping firms grow and potentially transition from outsourcing to hiring in-house staff.

Episode Highlights 03:25 Explaining Cathedral Capital's function as outsourced CFO for law firms 04:36 Looking at valuable data for law firms outside of financials 05:38 Discussing efficiency and productivity data 07:08 Creating strategies for law firms' growth 09:50 Importance of consistent language and terminology in data management 15:17 Connecting accounting software with case management systems 18:07 Comparing and deciding on reporting options and tools 20:03 Helping law firms set up their case management systems correctly 20:53 The importance of cash flow forecasts 22:41 The significance of employee productivity reports 23:45 When to engage a financial professional 25:00 Transitioning from outsourced CFO to in-house financial management

 

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