Outsourced Law Firm Financial Management

Lescault and Walderman offers expert law firm financial management services. We are professional outsourced accountants that can provide financial reporting and management consultations so law firms can make well-informed business decisions to help drive their financial growth.

Capitalize on Valuable Key Performance Indicators (KPI) for Law Firms

Our experienced team will help you track key performance indicators for you to assess whether you are successfully managing your firm or need to make some changes.

Align Your Resources

Align Your Resources

Compensate Your Full and Part Time Employees

Optimize your payroll by tracking billable hours based on generated revenue for each staff.

Prioritize Growth

Elevate your business to the next level with timely reporting that is unique to your firm’s needs and goals.

Your Law Firm Financial Reporting and Management System Should Produce Solutions, Not Problems

Do you know which areas of your business are most profitable?
Are you able to compensate your employees while contributing to your firm’s overall profitability?
Can you pinpoint the barriers to unlock your firm’s scalability?
Does your law firm have access to accurate financial reports at the click of a button?
Are you sure that your law firm’s accounting practices meet state and federal laws?

Get The Expert Financial Managers You Need With Lescault & Walderman

You can try to micromanage every aspect of your accounting practices which will only be met with futility and frustration. An ability to recognize and optimize important law firm KPI will not only save you time but can exponentially increase the long-term viability of your law firm. Focus on what works.

Schedule Introductory Call Today

We’ve helped other Law Firms optimize efficiency

As a small business, your law firm must track important metrics like any other business entity. Your ability to effectively monitor and capitalize on these indicators will ultimately lead you to growth and scalability.

At Lescault and Walderman, we have partnered with trusted law firm financial reporting and management software providers that leverage financial data to help you make informed operational decisions for your firm. The proper dashboard and team of experts will maximize your firm’s accounting capabilities and save you the headaches of financial limitations.

Not all law firm KPIs are created equal; so we do not waste time on the numbers that hold no relevance for your business. We analyze your current situation prioritize the information that is important for you to make decisions in the near and long term.

You no longer need to make decisions based on anecdotal evidence. We will supply the evidence of effective billing procedures, realization and utilization rates, and labor costs so that you can make decisions based on facts.

As your law firm evolves, you must continually pinpoint areas of improvement as the business scales. Our team will stand alongside your business and diagnose any concerns that are stunting your growth.

Schedule Introductory Call Today

Here's how to get started:

1. Schedule a No-Obligation Call

Your time is valuable, and we don’t want to waste it. Let’s schedule a discovery meeting so we can discuss your needs and confirm there’s a fit.

2. Receive Your Accounting Review

We'll review your accounting documents, then provide you with a customized report that includes our findings and our recommendations for moving forward.

3. Attend Review Meeting

We'll host up to a 2 hour meeting to review our findings and recommendations, answer any further questions and outline how we'll work together.

4. Review Your Proposal

Working from our review, we’ll provide clear and actionable recommendations for improvement related to your particular processes, software, and systems.

5. Engage Us For Your Needs

If you approve of our recommendations, you’ll sign an engagement letter and we’ll start work!

Schedule Call Today

Download our free guide to help grow your business:

3 KPIs to Track and Successfully Manage Your Law Firm

Frequently Asked Questions

What key metrics are important for a law firm’s financial management?

There are four key metrics that indicate successful law firm financial management.

1) Revenue per attorney

The benchmark against which attorneys’ efficiency (productivity, billable hours) is measured.

2) Profit margin

Law firm accounting software determines the revenue left after all expenses have been paid.

3) Billable hours and realization rate

Software that specializes in accounting for law firms measures the efficacy of billable hours to generate revenue.

4) Tracking client acquisition costs

The time and expenses to attract clients against billable hours and income.

Cash flow, accounts receivable aging, and expenses are recorded in software specializing in bookkeeping for law firms, where it’s managed to ensure financial stability.

(Read more on tracking revenue and expenses)

It’s essential to accurately record and measure your law firm’s financial management metrics to keep an eye on daily, weekly, and monthly revenue and expenses.

What challenges can law firms overcome by outsourcing their financial management?

Law firms outsource financial services to benefit from professional knowledge and experience in law firm financial management. Without the need and expense of in-house accounting specialists, they can focus on their core services to generate income.

Outsourced law firm accounting software is scalable and flexible, so you can tailor the services you need, scaling up or down as required.

Additional benefits of outsourcing accounting for law firms include:

Accuracy
Efficiency
Data security
Reliability
Productivity
Client satisfaction
Profitability

(Read more about law firm accounting technology)

Law firms face financial management challenges every day. Outsourcing all forms of accounting and bookkeeping is the best way to overcome the challenges and refocus on core goals and activities.

What are the benefits of outsourcing a law firm’s financial management?

Specialists in law firm financial management are a boon to law firms. Their expertise and knowledge in accounting and law ensure your firm’s financial records comply with state and federal regulations.

They optimize law firm accounting software’s features and functions to provide accurate reports and insights into your firm’s financial health and growth opportunities.

Outsourcing accounting for law firms provides four other primary benefits.

1) Less time wasted on mundane admin tasks and more focus on billable services.

2) No recruitment costs

3) Software that incorporates bookkeeping for law firms can be customized to meet your needs.

4) Professional financial management and monitoring improve efficiency, accuracy, data security, financial reporting, and compliance with regulatory requirements.

(Read more about law firm accounting systems)

The bottom line is that the benefits of outsourcing law firm financial management far outweigh any potential costs.