John Scott, CPA, AEP, is a Partner in the Tax Services Group at Anders CPAs + Advisors, where he leads the firm's estate planning practice and legal industry efforts for the virtual CFO team. With extensive experience helping clients be more efficient, competitive, and profitable, he offers resources and financial insight to address complex issues facing law firms.
In this episode…
Finances are one of the most crucial components of law firm growth, but many lawyers don't understand how to analyze their P&L statements and other relevant documents and metrics. What concepts should you employ when preparing your finances for growth?
According to CPA and law firm financial advisor John Scott, the four fundamental metrics for scaling a law firm include cash, financials, production, and your pipeline. You must put aside 10-30% of your cash flow to cover overhead and other expenses. Additionally, John suggests outsourcing your finances to a qualified bookkeeper who can reconcile your documents monthly to accelerate decision-making. The production metric involves generating cash flow from your services, whereas the pipeline necessitates evaluating each team member's capacity.
Join Luis Scott in the latest episode of The Guts and Glory Show as he hosts John Scott, a Partner at Anders CPAs + Advisors, to discuss the financial metrics for growing a law firm. John describes the ideal TOB percentage, alternative legal fee structure, and the value of hiring a virtual CFO.
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