Today, we, once again, welcome our friend Joseph E. Fournier of Fournier Legal Services as a guest blogger. Fournier Legal Services is a modern, client-centric law firm that utilizes the most recent and best-in-class technology to service its clients efficiently. The firm is located in New Haven, CT and Boston, MA, and focuses on three primary areas: Business, Estate Planning, and Law Firm Consulting.
The firm’s founder, Joseph Fournier, received his law degree from the University of North Carolina–Chapel Hill School of Law and his Accounting degree from the University of Rhode Island, is admitted to practice law in Connecticut, Massachusetts, and Rhode Island, and is a CPA.
We hope you enjoy this blog.
Make More Money, Faster
Most of our law firm clients started their firms because they enjoy practicing law. However, when the realities of life set in, most of them realize they need to make more money and find more free time. Here is a brief summary of two ways to make more money, faster.
Improve workflow by increasing your average case fees and decreasing your time on desk.*
Now
Next year
If current average case fee (ACF) is:
$ 5,000
$ 5,500
If your current time on desk (TOD) is:
36
29
Revenue per case per month:
$ 139
$ 191
If you have this many cases in inventory: 500
Then this is a real annual profit increase of:
$ 312,500
Based on this firm’s case inventory, by increasing their average case fees by ten percent, and decreasing their time on desk by twenty percent, both of which can be done easily via the implementation of some basic process change
- Its profit could improve by $312,500 on an annual basis.
Redesign your compensation plans
If your current revenue is:
6,000,000
If your payroll is 45 percent of revenue:
2,700,000
Then if we save only this much:
13%
Then your payroll would be:
2,362,500
You have real cash savings of
337,500
One of the benefits of a law firm is that you can pay your attorneys in line with fees earned. We can easily help you re-design how your law firm pays attorneys and staff, in an effort to decrease your risk and put more money in your pocket. Using the hypothetical above, this firm would save $337,500 on an annual basis.*
*These are hypotheticals only; results cannot be guaranteed.
Contact Fournier Legal Services via email at jfournier@jeflegal.com or by calling their office at 860.670.3535.
