The Must-Know Numbers To Grow Your Law Firm with Ryan Kimler, Net Profit CFO

On this episode, host Sasha Berson, Chief Growth Officer at Grow Law Firm, welcomes Ryan Kimler, Owner of Net Profit CFO, to discuss:

• The difference between bookkeepers, accountants and CFOs.
• Why hiring a CFO is a good idea even for law firms with less than $2 million in revenue per year.

“66% of lawyers are either self-employed or working in law firms with less than 10 employees. A vast majority do not know the numbers very well.” - Sasha Berson

• The three ways in which Ryan helps improve the profitability of a law firm; the first is to evaluate the billing and the ROI per attorney.
• Why it’s important to bill four to five times more than you’re paying an associate.
• Why total payroll expenses divided by revenue should be at around 40%.
• Why it’s a good idea to have four to six months’ worth of expenses in the bank.
• How to optimize profitability per attorney to get a minimum return of four or five times their true cost: this may mean adjusting their price point or wages.

“To grow revenue and profit, you must evaluate how attorneys are billing and the ROI per attorney.” - Ryan Kimler

Related posts:

• How to Grow a Law Firm: Best Strategies and Practices to Implement

Connect with Ryan Kimler:

• Website - Net Profit CFO
• LinkedIn - Net Profit CFO
• LinkedIn - Ryan Kimler
• Facebook - Ryan Kimler
• Email - ryan@netprofitcfo.com