How to Make Law Firm Budgeting a Strategic Tool [VIDEO]
Budget season at law firms is often treated as a necessary chore — a numbers exercise to satisfy year-end requirements before everyone moves on. But in a recent webinar hosted by Strategic Technology Solutions, Barto Consulting Founder Derek Barto made a compelling case for why law firm budgeting should be viewed very differently.
Financial Guardrails for Law Firms: A Year-Round Framework for Predictability and Profit [VIDEO]
In a webinar presented to the Beverly Hills Bar Association, Derek Barto, CPA and founder of Barto Consulting, outlined a practical framework that law firm leaders can apply at any time of the year to strengthen financial predictability and reduce risk.
Year-End Financial Tips for Law Firms: Part 3
Phantom income is a concept that can complicate year-end financial planning for law firms. It refers to taxable income reported by a firm without a corresponding cash outflow to owners. For law firm partners, this can mean owing taxes on income they haven’t yet received in cash, affecting both the partners’ personal finances and the firm’s overall financial stability.
Year-End Financial Tips for Law Firms: Part 2
Phantom income is a concept that can complicate year-end financial planning for law firms. It refers to taxable income reported by a firm without a corresponding cash outflow to owners. For law firm partners, this can mean owing taxes on income they haven’t yet received in cash, affecting both the partners’ personal finances and the firm’s overall financial stability.
Year-End Financial Tips for Law Firms: Part 1
As the end of the year approaches, one of the most crucial aspects for law firms is accurately projecting income and cash flow. This step not only sets the stage for sound financial management but also directly impacts partner compensation by providing a clear view of expected earnings.
6 Questions to Get the Most From Your Finance and Accounting Department
Six questions that managing partners, executive committees and the like should ask themselves to ensure they can get the most from their team to help successfully run the business.
Strategic Guidance for Managing Partners: Cash Management for Law Firms
Law Firms need to be earning interest on idle cash
Budget Season 2023: Tips For Preparing and Learning From Your 2024 Budget
Your budget should align with your Firm’s strategic goals. Even if you don’t have a big bow on your strategy or like most, just have a general idea of what you would like to do in the coming year, you can still benefit from a well prepared budget.
Strategic Guidance for Managing Partners: A Framework for Finance and Accounting Department Oversight
While usually not financial experts, Managing Partners of small and mid-sized law firms still need to be able to set expectations of their finance and accounting team.
Improve Processes Using the Deming Loop
I’ve never been in an accounting department that didn’t need some type of improvement. It’s just evolution, even well run processes need tweaks over time.