From Panic to Profit: The 6 Key Numbers Every Firm Should Track with Brooke Lively

In this insightful episode of The Rainmaking Podcast, our founder and CFO Brooke Lively joins Scott Love to delve into the six key numbers that can transform your law firm’s financial landscape. Imagine these metrics as the vital signs of your business, ensuring its health and sustainability. Brooke’s approach to law firm success involves aligning financial metrics with strategic goals, empowering firms not just to survive, but to thrive through informed decision-making and a commitment to continuous improvement.

Listen to the episode: 

Highlights from Brooke’s 6 Key Numbers:

  • Cash Flow Forecast: Understand the firm’s cash position for the next six to eight weeks, a critical factor for sustainability.
  • Budget Versus Actual: Strategize based on a monthly comparison between expected and actual performance, identifying areas for improvement.
  • Ideal Ratios: Ensure fair compensation for owners by analyzing total owner compensation in relation to effort, time, and risk.
  • Work in Progress (WIP): Boost team productivity by setting billing goals and tracking work in progress on a weekly basis.
  • Sales Calls Booked: Recognize the importance of converting potential client discussions into actual business by monitoring booked sales calls.
  • Net New Cases: Evaluate team capacity by monitoring the trend of opening new matters versus closing existing ones.
🔑 Unlock Brooke’s 6 key numbers and don’t miss out on this enlightening discussion as Brooke Lively shares her wisdom for financial success in your law firm. Listen to the episode on: iTunesSpotifyListen Notes, and iHeart