Law Firm Business Advisory Services

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Legal Services

Law firms face a growing number of challenges that require focus from firm leadership. Competitive pressures are increasing as the number of firms and licensed attorneys grows in every market. In addition, the expansion of corporate law groups internalizing legal projects and closely directing outsourced projects has had a profound effect on law firm profitability. Finally, resistance to traditional hourly billing rate increases, in combination with higher salary and benefit demands by quality graduates and potential team members, can work to negatively affect the fiscal and economic performance of even the best-managed law firms.

These issues law firms are facing require a new solution. While many of the nation’s brightest and best are active in the profession, far fewer are adequately-equipped by training and experience to effectively address the many challenges presented by fiscal and economic matters facing their practices. GYF can assist law firm leadership in any size firm, filling these gaps and thereby assisting firm leadership groups, to successfully navigate a path to the future.

Our primary objective is to maximizing the performance of the firm’s leadership team. Our professionals work with management to instill a level of fiscal and economic understanding within the firm. This knowledge will enable the partners and staff to embrace a culture of providing quality legal advice and services within an overriding sphere of focus on how that work contributes to the overall success of all stakeholders.

In addition to those general services we provide to Service Businesses, specific services that we can provide for law firms include:

Financial performance assessment

  • Vertical and horizontal integration analysis
  • Financial trend analysis
  • Comparative analysis of balance sheets,
    income statements and rations

Financial budgeting and planning

  • Process of budget development
  • Monitoring of performance against budget
  • Identification and resolution of budget issues 
  • Creation of long-term budgeting

Financial analysis by individual or group

  • Assessment against industry norms
  • Performance of “what if” scenario modeling to evaluate key element modifications
  • Review of firm practices for setting goals and targets and identification of barriers to success

Fiscal policy development and implementation

  • Analysis and review of current fiscal policies
  • Assessment of propriety of current policies
  • Evaluation of effectiveness of current policies
  • Suggestions for modification and redesign
  • Roll-out and implementation assistance with firm management

Financial training and education

  • Educational training on a variety of topics relevant to attorneys and law firms
  • Materials from our CLE seminars are available on our Resources page [LINK TO SECTION WITH PDFs OF SEMINAR MATERIALS]