For today’s episode, Jared welcomes Brooke Lively, founder and CEO of Cathedral Capital, who discusses financial management and data reporting for law firms. By analyzing financial data with other factors, such as average case value and employee productivity, law firms can optimize their strategies and increase profit. Lively suggests using cloud-based software systems for efficient reporting and data tracking. Cathedral Capital assists law firms in setting up systems and determining data to monitor, ultimately helping firms grow and potentially transition from outsourcing to hiring in-house staff.
Episode Highlights
03:25 Explaining Cathedral Capital's function as outsourced CFO for law firms
04:36 Looking at valuable data for law firms outside of financials
05:38 Discussing efficiency and productivity data
07:08 Creating strategies for law firms' growth
09:50 Importance of consistent language and terminology in data management
15:17 Connecting accounting software with case management systems
18:07 Comparing and deciding on reporting options and tools
20:03 Helping law firms set up their case management systems correctly
20:53 The importance of cash flow forecasts
22:41 The significance of employee productivity reports
23:45 When to engage a financial professional
25:00 Transitioning from outsourced CFO to in-house financial management
Episode Resources
