Great resources for improving your law firm’s cash flow!
Managing your firm’s revenues and expenses is never a bad idea, it will only help you to run a more profitable practice. Follow these tips and get great tips and resources on how to lower your firm’s expenses.
1. Law Firm Cash Flow: You Should Aim for “90 in 90”
It is not impossible for some lawyer to have a billing collection rate of over 90%. Follow this article to get advice on how to achieve a collection rate of 90% in 90 days.
2. Improving Law Firm Profitability: Top Ten Cost-Cutting Strategies
It is not uncommon for small or solo law firms to get caught in a cash flow trap as well as overall profitability problems. There have been many law firms and small businesses that were profitable, but failed due to simply running out of cash. Follow this article to get 10 tips on how to improve your firm’s profitability.
3. Cut your Firm’s Expenses with Conference Room Rentals
There’s a growing trend among forward-thinking attorneys to rely on temporary workspaces for client meetings, depositions, closings and war rooms in lieu of carrying the extra overhead associated with long-term rental commitments. Follow this article to learn more!
4. Keys to Effective Cash Flow Management
Every business has to generate cash to survive, whether you run a Fortune 500 company or a shaved ice stand—or a law practice. Most businesses pay expenses well in advance of delivering services and then invoicing the client. Accounting for the time lag between cash going out and cash coming in requires careful planning and attention. But cash flow management in a law firm can be particularly challenging.
5. Tips For Improving Your Law Practice’s Cash Flow
“Inconsistent billing practices, long delays on accounts receivable and languishing WIP (work in process, i.e., work that has been completed but not billed) can wreak havoc on a firm’s finances.” Follow this article to learn how CosmoLex law firm billing software helps you put some of the strategies outlined in the article into practice.
6. 7 Ways to Instantly Cut Down on Business Expenses
Looking to boost your firm’s bottom line? There are two ways to do that: increase income or reduce expenses. In the event that you’re not in a position to increase your rates, crack down on unnecessary spending to put more money back into your practice. Here are some suggestions to get you started.
7. Cutting Costs As A Law Firm Means Embracing Technology
According to Law Crossing, the average law firm spends between 45% and 50% of its client fee on office expenses. Naturally, there will always be operating costs of some sort. However, with computers now able to handle many of today’s more time-intensive tasks, it’s possible to reduce the amount spent on things such as admin. Follow this article to learn more!