Who is responsible for advising a law practice on financial decisions?
Traditionally, the firm’s CFO is responsible for advising a firm on financial a wide range of forward-looking decisions including financial planning, financial modeling, budgeting, forecasting, the establishment and monitoring of key performance indicators (KPIs), and other metrics and benchmarks for your business. The CFO also provides oversight of cash flow and offers essential support to help you develop your practice and achieve objectives.
More Information About Our Advisory Services
Your designated advisor(s) collaborate with you to develop and establish business growth and profitability strategies that are consistent with your vision of a successful law practice.
If you’re seeking more than basic accounting, and payment processing services, and desire the guidance that a trusted advisor can offer through proactive planning, financial reporting, and strategic guidance, our Advisory Services are an excellent fit for your needs.
Our Advisory Services provide you with a dedicated CPA, along with an accountant or team of accountants for additional support in advancing your business and achieving your objectives. We maintain an ongoing partnership with you throughout the year, conducting weekly meetings and offering guidance to keep you informed of your current financial position and equipped to plan for the future.
Meetings are conducted in person or virtually depending on the specific nature of the meeting and your preferences.
A firm’s investment to hire a full-time CFO varies widely based on the size of the law practice and the CFO’s responsibilities, but to hire a CFO providing the equivalent quality of Advisory Services that we provide, you could expect to pay between $325,000 and $500,000.
Similarly, the pricing for our Advisory Service can vary based on several factors and responsibilities so we recommend scheduling a discovery call to learn about your practice. You can find the included services and add-ons listed on our Services Comparison Page.
Opting for our Advisory Service allows you to focus on your law practice and growth objectives while benefiting from the guidance and feedback of a trusted advisor without the cost of a full-time CFO.
Our Advisory Service encompasses weekly meetings with your designated CPA offering an intensely collaborative and results-driven approach. We actively support you and your leadership team, addressing various challenges within your business, such as cash flow management, engagement structures, compensation models, budgeting, forecasting, succession planning, and more.
Here are the key deliverables:
By partnering with the Lancaster Firm for our Advisory Services, you gain a “hands on” financial ally who actively contributes to your business’s growth and success.
Yes. Our firm is specifically designed to provide services and guidance that work with the intricacies of law firm financial reporting and strategic planning.
During our call, we can delve into your objectives, assess your current position, and discuss your desired result.
Typically, onboarding lasts about 6 weeks.