Law firms now have sophisticated applications available for analyzing and reporting on profitability. In this product-agnostic session, we will cover some of the toughest profitability analysis questions your firm is facing. We will also examine alternatives and provide best practice recommendations and mistakes to avoid for topics including: accrual vs. cash basis profitability analyses; tying collections back to the work performed; profitability projections (optimistic, pessimistic and expected scenarios); expense adjustments for rainmakers; benefits of a cube-based profitability solution; expense assignments for part-time timekeepers; reconciling your profit cube with your profit and loss statement; residual general ledger calculations; best practices allocation methods; handling non-timekeeper revenue; reporting on timekeepers who have left the firm; handling partner compensation/draws; techniques for smoother expenses; handling exceptions; and more! And don't miss our special bonus: The number one factor in a successful profit implementation!
- Identify key profitability issues
- Develop a list of best practices and mistakes to avoid