You can’t wing it when it comes to law firm financials. In order to run a successful law firm, you need to be numbers-oriented and vigilant in deriving insights from your performance. Your finances have to run on rails. To that end, visibility into your firm’s revenue, accounts receivable, and cash flow are your gateway to increased profitability.

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Welcome to
Our Webinar!
The Bottom Line:
Taking Control of Your Law
Firm’s Financial
Performance

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CLE Credit
● Texas Bar
○ Course # 174075878
○ 1 General CLE Credit
● Use this Course # to Self-Report to
Your CLE

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MyCase is a practice
management software that
helps law firms solve the
key challenges of running
a business, so they can
grow, scale, and be more
successful.

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Hello!
Jared D. Correia
Red Cave Law Firm Consulting, CEO
E: jared@redcavelegal.com
L: linkedin.com/in/jaredcorreia
● Former practicing attorney, has been
providing services to lawyers for over
a decade
● Regular presenter at regional and
national events like ABA Techshow
and frequent contributor to legal
publications Attorney at Work,
Lawyerist and Above the Law
● Offers subscription-based law firm
business management consulting
services for law firms, bar
associations, and corporations

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Focus AreaAdding Financial Controls to
the Law Practice Environment

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Financial Controls Poll
At my law firm, financial controls are:
A. Wait, what?
B. Needing of improvement.
C. On Lockdown

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● The Risk of Fraud in the Law Practice
Management Environment
● Creating a ‘Sentinel Effect’
● Applying Financial Controls
● Establishing Review Protocols
● Establishing Policies and Procedures
Financial Controls

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Focus AreaDerive New Insights from
Reporting Tools & KPIs

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New Insights Poll
Our utilization rate is:
A. Below industry average.
B. At industry average
C. Above industry average

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● Ad Hoc Decision-making vs Data-Driven Decision-
making
● Measuring Law Firm Efficiency
● The Effect of Efficiency on Law Firm Revenue
● Software-Based Financial Reporting Tools
● KPIs You Can Use
Derive New Insights

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Focus AreaIncrease Your Revenue By
Discerning Financial Trends

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Revenue Poll
I make business management decisions in my law firm based
on:
A. My gut.
B. Some data, mostly instinct.
C. Data, almost exclusively.

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Increase Revenue
● Use Data to Discover Trends
● Use Data to Make Practice
Area-Related Choices
● Act on Trends You Discover
● Legal is a Highly Competitive
Industry, so Small Changes
to Your Practice Can Have
Significant Effect
● Don’t Discount Non-Legal
Industry Trends

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Focus AreaCapture, Bill and
Collect More Time

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Time Capture Poll
Which of the following best describes your time capture
process:
A. I use a paper time sheet. My staff hates me.
B. I use a Word file or spreadsheet.
C. I use time + billing software

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Collect More Time
● Optimizing Time Capture
● Optimizing Billing
● Optimizing Collection… Or,
Eliminating It
● Every Transaction with a Law
Firm Client is Actually a Sales
Conversation
● Streamlining the Entire
Process

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Focus AreaEliminate Accounts Receivable
By Embracing ePayments

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Accounts Receivable Poll
My accounts receivable total:
A. $20k or less.
B. More than $20k.
C. $100k or more.

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Eliminate Accounts
Receivable
● The Advantage of ePayments
for Legal Consumers
● The Advantage of ePayments
for Law Firms
● ePayments + Trust
Accounting
● ePayments + Billing
● ePayments + Collection

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Thank you!
Jared D. Correia
Red Cave Law Firm Consulting, CEO
E: jared@redcavelegal.com
L: linkedin.com/in/jaredcorreia
CLE Credit - Texas Bar
Course # 174075878

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QUESTIONS?