Do you track and measure your firm's performance? Are you utilizing all of your resources to their fullest? Are all of your operations running efficiently and contributing appropriately? What can you do to enhance your firm's effectiveness and improve profitability?
These are important questions in running a successful law practice and Steiner & Associates can help you address them. Michael Steiner, CLM (Certified Legal Manager) and founder of Steiner & Associates, has unique qualifications in law firm management and has increased efficiencies at law firms in Hawaii and the mainland for over 20 years. Working with you and your management team, Steiner can review your business operations and provide an honest and independent assessment.
With an eye on efficiency and profitability, Steiner & Associates will review your data and operations to calculate key ratios, interpret findings and implement actions that will lead to improvements in each of the following areas:
Taking on a critical and detailed assessment in these areas will help build a solid foundation for your firm's future success. As needed, Steiner can also provide the resources to implement solutions which will improve your profitability for years to come.
Here are some of the key ratios that will help assess your current and year-over-year results ultimately comparing these to your competitors.
FIRM PERFORMANCE/EXPENSE MANAGEMENT RATIOS:
Revenues per PartnerOverhead per Attorney
Revenues per AttorneyExpenses per Attorney
Realization RatesStaffing Ratios
CLIENT DEVELOPMENT RATIOS:
Client DiversificationYear over Year Growth
PRACTICE PERFORMANCE RATIOS:
Profit per PracticePractice Contribution to Firm
Fees and GrowthRealization
PARTNER PERFORMANCE RATIOS:
Originations and Working Atty FeesBillable/Non-Billable Hours
RealizationClient Satisfaction Rating
MANAGEMENT & LEADERSHIP:
Profits per Equity PartnerMatter Management Activities
Mentoring/LeadershipClient Satisfaction Index
BALANCE SHEET & RISK RATIOS:
Capital per PartnerDebt/Equity Ratios
Accounts Receivable RatiosDebt per Partner
Debt/Net Fixed Asset RatioClient Cost Recoveries
If you are ready to take a hard look at your operating ratios, increase your profitability and distinguish your firm as a recognized leader, call or email for an initial complimentary consultation.