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Show Me The Money… And Where It Comes From

Cuba Gooding Jr. and Tom Cruise may have popularized the term “Show me the money,” but any attorney running their own practice should be saying the same thing. They may even want to say it over and over and over again. You’ve seen the movie, right?

All kidding aside, attorneys not only need to see the money, they also need to see where the money is coming from. Having a good understanding of which clients and case types generate your firm’s income is a necessary part of running a successful business. If you’re just practicing law and not keeping track of where your income is coming from you could very well be a fantastic attorney, but as a business owner you could also very well be leaving money on the table or spending money in the wrong places.

Track Income By Case Type

By tracking your firm’s income by case type your firm can begin to form valuable business intelligence behind which areas of your practice tend to generate the most income. Once your firm begins to grasp which cases generate the most money, you can even begin to make better business decisions. These decisions can consist of where to funnel more of your resources, personnel, and even marketing dollars.

Taking It A Step Further: Show Me Where The Money Is Going

One of the nice features of the CosmoLex Practice Management System is that it integrates your legal billing, legal accounting, and back office accounting systems. This can make it easier for a firm to understand not only what case types generate the most income, but also which case types generate the greatest return on their investment.

With all three of these systems integrated, you don’t have to go far to understand X amount of dollars spent marketing for a case type equals X amount of dollars earned from a case type.

Start making better business decisions for your firm today by gaining a better understanding of where your money is coming from and where it’s going to. Sign up for a free 30 day trial of CosmoLex.

Rick Kabra

Dr. Rick Kabra is President of CosmoLex Cloud, creator of cutting-edge technology solutions to help solo and small law firms law firms. Rick has a Ph.D. in Electrical Engineering from NJIT and has over 10 years of experience in the legal software industry catering to the specialized technology needs of small to mid-sized law firms. Rick has given numerous seminars and published articles on legal technologies such as law practice technology management, cloud computing, and legal billing, business & trust accounting compliance.