Industries, GYF, Grossman Yanak & Ford, CPAs, accounting, Pittsburgh

Law Firm Business Advisory Services

Law firms, more than ever before, face a growing number of challenges that require focus from firm leadership on an almost-daily basis. 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 increase,s 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.

The issues facing law firms 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. Grossman Yanak & Ford LLP stands ready to aid law firm leadership in any size firm, filling these gaps and thereby assisting firm leadership groups, to successfully navigate a path to the future.

The primary objective of all services rendered by Grossman Yanak & Ford LLP with respect to law firms is 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 understanding 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, services that we can provide specifically for law firms include:

Financial performance assessment

  • Vertical integration analysis
  • Horizontal integration analysis
  • Financial trend analysis
  • Comparative balance sheet analysis
  • Comparative income statement analysis
  • Comparative ration analysis

Financial budgeting and planning

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

Fiscal and economic policy development and implementation

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

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 as to setting goals and targets
  • Identification of barriers to meeting goals and targets

Financial training and education

  • Educational training on law firm economics
  • Educational training on understanding differing roles in attaining law firm success
  • Educational training on fiscal management policies of the law firm