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Firm Masters Budget with Precise Methodology, Revenue Per Lawyer Grows 15%

The Problem

May 8, 2024

Insight

Despite their importance to a law firm’s overall financial stability and growth, establishing a budget, financial targets, and a long-term financial plan is not a priority for many practices. All too often, these critical tasks are pushed to the back burner, and firm leadership is left to navigate without the clear financial picture that would otherwise facilitate well-informed decision-making.


That’s exactly where a client found themselves not too long ago.


When the firm approached Precise, they had yet to develop even a rudimentary budget, let alone targets or a comprehensive, long-term financial plan. Leadership was unable to project their revenue and plan accordingly. Without targets to aim for or measure against, they weren’t even confident their year-end financial results were trending in a positive or negative direction.




The Solution


Leveraging our proprietary methodology developed specifically for the legal industry, the Precise team analyzed the firm’s performance and identified the specific KPIs that would provide the clearest financial picture year over year.


Once the team had a handle on the metrics, they worked with the managing partner and other key stakeholders to formulate a budget, establish targets, and develop a workable, forward-looking financial plan that would allow leadership to accurately and efficiently track income and expenses, identify areas for improvement, and plan for future growth.




The Result


One year after implementing their new budget, targets, and financial plan, Revenue Per Lawyer was up 15% compared to the prior year. Since then, the firm has experienced a steady 3% to 4% increase in Revenue Per Lawyer year-over-year.


No longer operating in the dark, leadership has a firm grasp of the metrics and can act on those insights to improve profitability and drive greater growth.

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    Israel

    Headquarters:
    14 Carlebach Street,
    Tel-Aviv, Israel


    E: precise@precise.co.il

    T: +972 (0) 3 529 1581

    Israel

    United Kingdom

    Headquarters:
    70 White Lion St. London N1 9PP


    E: infouk@precise-int.com

    T: +44 (0) 7732 426 048

    London

    United States

    Headquarters:
    5 Penn Plaza, 19th fl.,
    New York, NY 10001


    E: infous@precise-int.com

    T: +1 212-835-1677

    New York

    Greece

    Headquarters:
    Ergotimou 11, Athens 116 34, Greece


    E: infogr@precise-int.com

    T: +30 2107 290 818

    Greece