Law firm accounting and financial management is undergoing a dynamic transformation in light of an increasingly uncertain economic environment and rapid changes in technology. Mergers and acquisitions are changing the legal industry landscape, giving rise to a new focus on cost reduction, flexibility and technology. Nowhere is this more evident than in how changes in firm productivity can dramatically impact a law firm’s viability and success from one year to the next.
Cornerstone Strategic Partners’ experienced law firm accounting and finance professionals can help firms better understand their true profitability drivers, address partnership compensation issues, develop more effective performance and incentive programs, and optimize firm overhead levels based on current revenue or targeted profitability levels.
With the often competing responsibilities of managing a full caseload while effectively overseeing the financial, operational and administrative aspects of a law firm, lawyers can often struggle to find the right balance between the two. Law firms are increasingly turning to firms like Cornerstone Strategic Partners to help assist them in managing their firms, allowing them to better focus on the practice of law.
Cornerstone’s comprehensive law firm accounting and financial management framework can work with law firm partners to develop a strategic plan that is focused on increasing current fee origination and profitability levels. Our law firm accounting and financial management focus is work lawyers to design and implement appropriate reporting and management processes that will maximize partnership distributable income and then have an objective basis for distributing it to the partners at year end.
Cornerstone Strategic Partners law firm accounting and financial management advisory services include:
- Practice management
- Profitability improvement
- Direct cost rationalization
- SG&A efficiencies
- Firm and partnership governance
- Partner compensation modeling
- Employee incentive and compensation plan development
- Partnership issues
- Law firm financial reviews
- Sustainable cost reduction
- Succession planning
- Talent management
- Strategic planning
- Structuring expansions or acquisitions
- Performing due diligence on M&A candidates
- Managing payables and receivables
Today, when law firms face their most challenging business issues, they increasingly turn to Cornerstone Strategic Partners for law firm practice management advisory expertise they can trust and the results they can depend on.