Law Firm Financial Assessment

Financial analysis is the assessment of a firm’s financial health, performance, and prospects through the examination of financial statements, ratios, and trends. It involves scrutinizing income statements, balance sheets, and cash flow statements to understand revenue generation, expense management, and cash flow dynamics. Key ratios, including profitability and leverage ratios, are calculated to evaluate operational efficiency and financial stability. We also identify trends and make comparisons over time or against industry benchmarks using tools like ratio analysis and trend analysis.

This process aids management in making informed decisions about the company's overall financial well-being. Financial analysis provides insights into strengths, weaknesses, and areas for improvement, supporting strategic decision-making for enhanced financial performance. In essence, it is a vital tool for understanding a company's financial position and informing key decisions in financial management and strategic planning.

We have been focusing on law firms for almost ten years which means we are intimately familiar with the most effective ways to present financials, where the common mistakes happen, and how to correct them. Having insight from our team of experts will give you confidence in the accuracy of your books, and in understanding your financial reports so you can make informed business decisions.

We are not here to step on your current bookkeepers’ toes, we're here to partner with them. We recommend you give your bookkeeper a heads up that you are having this done and let them know it is not with the intention of replacing them. We partner with many bookkeepers while upholding the highest level of professional courtesy and respect. If your bookkeeper is doing a great job and is open to our recommendations, our advice is to keep that relationship if it's in your best interest. However, it's not uncommon for business owners to realize that their current bookkeeper is not the best fit for them after going through our analysis. In the end, you deserve the highest quality financial reporting and if a bookkeeper is not willing to be held accountable or is unable to grow with your firm, it is your business who will suffer. You are the priority.

Our team is available to make all of the suggested upgrades to your financials, and we’ll make sure your bookkeeper understands how to maintain them once we’re done.

Ready to take the first step towards financial clarity? Sign up now for our Free Financial Analysis and empower your law firm for success.

We strive for a two week turnaround once you’ve provided the necessary documents and access.

We take privacy and security very seriously. Our company platforms are consistently monitored by one of the legal industry’s best IT providers and use multi-layer security precautions. If you choose to engage in the upgraded financial analysis there are two options: 1.) grant us access to your financials via Lawmatics or 2.) give us temporary access to your accounting software by making us a user.