In this episode, Alay and Brooke discuss: 

  • Attorney angst around the financials of law firms. 
  • Setting the correct retainer amount.
  • The 6 key numbers of your law firm.  
  • What to look for in your bookkeeper. 

 

Key Takeaways:

 

  • Knowing your numbers gives you confidence. 
  • Hire a bookkeeper rather than doing the books yourself. Their hourly rate is less than yours and will get the job done faster and more accurately than you will. 
  • Every decision you make in your law firm is going to show up in your numbers.
  • Training clients to pay on time starts during the very first meeting, and with the engagement letter.

 

Tweetable Moments:

  • “This month’s work is next month’s revenue. The sales calls you have this month, are the new clients next month, and the revenue the following month.” —  Brooke Lively
  • “AR (accounts receivable) is a loan you have made out of your own pocket to your clients.” —  Brooke Lively
  • “The hardest clients to train are the ones you already have.” —  Alay Yajnik
  • “Stay at home moms are such an underutilized resource.” —  Alay Yajnik

 

About Brooke Lively: 

Brooke is the CEO and Founder of Cathedral Capital, a team of CFO’s and Profitability Strategists who help entrepreneurs turn their businesses into profitable companies. After earning her MBA in Investments and Corporate Finance, Brooke built a 7- figure company in under 2 years- but it definitely wasn’t easy. Cathedral Capital lost money for 26 months after firing their biggest client, due to a difference in core values. Luckily Brooke knew her numbers and how to turn the company around. In fact, Brooke believes so strongly in knowing and understanding the key numbers in your business, she wrote a book “From Panic to Profit” that outlines each number. As a Chartered Financial Analyst (CFA), she and her team, work with Hall of Famers, INC 5000 businesses, CEO’s, and Small Business Owners. Brooke would love to speak with you and your listeners about how to increase profitability!

 

Connect with Brooke Lively: 

Website: https://www.cathcap.com/ 

Email: brooke@cathcap.com 

Book: https://www.cathcap.com/frompanictoprofit 

 

Connect with Alay Yajnik: 

Website: http://lawyerbusinessadvantage.com/ 

One Page Strategic Plan: LawFirmSuccessGroup.com

Email: Alay@YajnikGroup.com

LinkedIn: linkedin.com/in/alayyajnik