Small Law Firms Show and Ability to Lift Profitability and Revenues

There has been a lot of talk about how tough the economy is and various articles posted on law firms decreasing profit. I wanted to post an article to let you know that not all firms are doing it tough.

I was just reviewing the results from our most recent small law firm group meeting.  Comparing the results for the most recent financial year against the prior year results, the average result for the whole group was:

-Revenues were up 17% on the previous year

-They were able to lift Profitability by 45%.

No doubt there are firms doing it tough, but I think it is important to post a good news story. I’m letting you know that there are small law firms out there that probably have similar clients and do similar work to your firm, who have substantially improved both cash flow and profit in the last financial year by better legal practice management.

Those same firms are all forecasting significantly lift  profitability for the next financial year as well.

While you may hear about how tough the economy is, don’t accept that therefore your firm has to get caught up in that.

If you want to lift cash flow and lift profitability through better legal practice management there are great opportunities for small law firms to do so. So keep positive and make it happen for your firm.