Coaching for Lawyers Law Practice Tip

Law Practice Tip #280
Jun 18, 2012

Review Your Financial Reports Regularly

You always need to know where you are financially in order to improve or grow your law practice or personal wealth. Arrange to have financial reports designed that are easy for you to read, understand, and analyze. Review them at least monthly. Then use the information to take steps to course-correct and improve your profitability or financial goals.

To monitor my progress, I review three simple excel spread sheets at least once a month:

  1. total annual income,
  2. total annual expenses, and
  3. a monthly income report that gives such information as:
    1. how many clients I'm working with,
    2. how many appointments I have each month, and
    3. who's paid and how much.

My current monthly report tells me I have room for six more clients. Compared to past reports, I know this is the greatest number of clients I've had room for at any one time in over six years. So I know I need to take steps to correct the situation.

What do you want to learn from your financial reports?

If you would like coaching on this area of your law practice, please consider contacting me to see how I can assist you.

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