Making Sense of Law Firm Metrics

News Advisory Virtual CFO Virtual CFO Legal

John Scott, Tax Partner at Anders CPAs + Advisors and Virtual CFO, joins Tom and Adam, to discuss Summit Virtual CFO’s services for the legal industry and John’s recently launched book, “Judicial Dollars and Cents.” They discuss John’s background, the unique financial aspects of law firms, and the importance of data and metrics in scaling businesses. John explains the benefits of specialized financial services for law firms and stresses the importance of understanding cash needs, managing cash flow, and aligning partner compensation with firm goals.

“The accounting profession historically has been like taking a trip with an atlas that’s 10 years out of date. However, today, what we can do with modern accounting and advisory services is much like the Waze app or Google Maps; you’re getting instantaneous data that will tell you ‘Up ahead there’s a roadblock and here’s a workaround.’ This real-time info keeps you on track with your financial forecast. You can’t make any business decisions on historical information; you must have current information and be able to look forward so that you can make good decisions and stay on track to reach your goals.”
John Scott, Anders CPAs + Advisors Partner, Tax, and Virtual CFO

Listen and Learn

The importance of thought leadership in the accounting and legal professions
John’s experience with a law firms’ growth and scaling based on data and metrics
Discussion and insights from John’s book, “Judicial Dollars and Cents,” on understanding cash needs and working capital for businesses, including law firms
Unique elements of serving law firms and the complexities of partner compensation plans
The significance of data-driven decision-making in business management

Episode Resources

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