Law firms tend to leave a lot of revenue on the table, because they don’t spend enough time focusing on financial metrics and don’t effectively employ technology tools.
That’s the sad part of the story — the good news is that it can all be remedied by adopting sound financial practices.
So, in this episode of the Non-Eventcast, we brought on Brooke (not Blake!) Lively, of Cathedral Capital, to talk about how law firms can capture more revenue.
First, we define what a “KPI” is, and how it relates to law firm finances (5:01), before talking about which specific KPIs law firms should be focused on (8:41). Next Brooke discusses how changes to law firm financial management effects engagement agreements (13:27).
Then, Brooke relays how she discovered the Holy Grail of effective law firm revenue capture: the evergreen retainer; it’s your secret weapon (14:36).
Finally we delve into financial management technology for law firms (19:13), including accounting software options (23:11).
Managing partners spend a lot of time worrying about revenue. So, why not try another tactic: listen to this podcast, and instead worry about counting all the extra money you’ll make.
And if you’d like to consider an upgrade to your firm’s tech stack, feel free to visit the Non-Event to learn more.
Jared Correia, a consultant and legal technology expert, is the host of the Non-Eventcast, the featured podcast of the Above the Law Non-Event for Tech-Perplexed Lawyers.
