054: 5 Ways to Improve Your Bottom Line with Jeannette Byrd

Great Practice. Great Life. by Atticus™ Helping attorneys grow thriving practices, increase revenue, lower stress, and achieve a work/life balance.

You're about to get a front-row seat to a conversation that could drastically improve your practice's bottom line.

Join Steve as he chats with Jeannette Byrd from Byrd & Associates, leveraging her experience as a CPA and unique insights from family ties to the legal profession. Together, we explore the nooks and crannies of efficient cash flow management and strategic thinking that can revamp your financial strategy.

We dig deep into managing trust accounts and why accurate tracking is necessary to maintain ethical compliance. Jeannette and Steve unpack the three-way reconciliation process. This tool could save you from potential pitfalls and spotlight the crucial role of a robust system for billing and collections. Trust us; these can be game-changers for your practice! We also zero in on how timely invoicing, tracking attorney and paralegal profitability, KPIs, and automation can make your firm's cash flow sing.

Lastly, Jeannette unfolds the magic behind the rule of three - an intriguing performance indicator for success in a fixed-rate or flat-fee firm. But it's not just about numbers. We also discuss how specializing in a specific area of law and pricing services accurately can elevate your practice to attract more high-end clients.

Throw the doors wide open to a financially prosperous practice with this thought-provoking conversation.

In this episode, you will hear:

• The importance of efficient cash flow management and strategic thinking in revamping a law practice's financial strategy

• The role of accurate tracking and managing trust accounts to maintain ethical compliance

• How timely invoicing, tracking attorney and paralegal profitability, KPIs, and automation improve a firm's cash flow

• The “rule of three” as a performance indicator for success in a fixed-rate or flat-fee firm

• The benefits of specializing in a specific area of law and accurately pricing services to attract high-end clients

• Utilizing financial information to determine employee compensation

• The need for law practices to save for taxes and future growth

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Supporting Resources:

The Billable Hour Law Firm Webinar – Understanding Growth Strategies to Maximize Profits: atticusadvantage.com/what-we-do/webinars/replay-2023-04-06-the-billable-hour-law-firm-webinar-understanding-growth-strategies-to-maximize-profits

Cashflow and Profitability: What Law School Didn't Teach You About Running a Successful Law Firm: youtu.be/nEKx6YP4W4c?si=9ur0DviARMwrTWuK

Cashflow & Profitability: What Law School Didn’t Teach You About Running a Successful Law Firm by Mark Powers & Shawn McNalis: atticusadvantage.com/product/cashflow-profitability-paperback

Cashflow & Profitability (eBook): What Law School Didn’t Teach You About Running a Successful Law Firm by Mark Powers & Shawn McNalis: atticusadvantage.com/product/cashflow-profitability

Byrd & Associates, LLC: www.lawyercpafirm.com

Byrd & Associates, LLC phone number: [phone]

The Richest Man in Babylon: The Original 1926 Edition by George S. Clason: a.co/d/gwe06bs

The Wealthy Barber, Updated 3rd Edition: Everyone's Commonsense Guide to Becoming Financially Independent by David Chilton: a.co/d/3PDjx4q

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.