Is 2023 going to be a profitable year? Key Metrics to Track Part One: Law Firms Are Profitable. Is your firm? Let’s set the stage with a very positive image: Law firm businesses are very profitable businesses. According to an IBISWorld article in 2022, law firms ranked in the Top 10 most profitable industries, seeing a 1.5% […]
This month we are digging into the importance of trust accounting. Stay tuned next month for a feature on how CPN Legal has assisted clients through trust account audits, and how we can help you stay ahead of an audit. INTRODUCTION TO TRUST ACCOUNTING When our firms talk about ethics, too often they focus on […]
This month we are closing out our summer series to help you better understand your firm’s profitability. In case you missed the earlier parts, you can find them here: Part I: Chart of Accounts Part II: Your Reports Part III: Cash Flow For the last part in our series, we will talk through some best practices […]
This summer we are digging into the tools you have in your pocket to help you better understand your firm’s profitability. In case you missed parts I and II of our series, you can find them here: Part I: Chart of Accounts Part II: Your Reports This month we are focusing on forecasting your cash flow. […]
Many of our clients were the recipients of Economic Injury Disaster Loans (EIDL) related to the COVID pandemic. Unlike the smaller EIDG (grants) and forgivable PPP Loans, these loans accumulate interest at 3.75% per year and must be repaid over a 30-year term. There is an initial deferment period during which payments are not required, […]
Now that we have gotten your Chart of Accounts organized with Part I of our Summer Series, it’s time to dig into Tools for Understanding your Firm’s Profitability. Using information you already have, you can easily understand your profitability and all the pieces that go with it. All the reports we review in this post […]
This summer, we’ll be focusing on the tools you need to know when it comes to determining your firm’s profitability. As a practice owner or managing partner, it’s easy to get into a routine for handling your business processes. These tools can help you evaluate whether your routines and SOPs are boosting your profitability or […]
Peggy Gruenke’ s 18-year span in legal includes being the Membership Director of the Cincinnati Bar Association, COO of 2 prominent law firms, and now the owner/founder of CPN Legal a renowned Clio Gold Level Consultant and Law Firm financial management expert. Sought after nationally, Peggy helps firms drive better results by improving their billing, […]
This month, we’re sharing a few of our favorite budgeting tips. Bookkeepers and accountants love a good budget. Not sure how to use it? Here are 5 best practices to get you started! Link your budget to your firm’s overall workflow. There are a lot of potential applications to this tool. Focus on the pieces […]
