Profitability Improvement

• Profitability Audit - A central component of our service offering, the profitability audit involves a full review of key profitability drivers for the firm. These key drivers include firm governance, partner compensation and strategic planning processes. In addition, the profitability audit reviews operational efficencies and identifies where improvements can be made to enhance profitability. Financial ratios and controls, communications, job descriptions, and evaluation systems are also reviewed as required.
   
• Chargeout Rate Review - As an integral part of the effort to increase revenues, this review focuses on factors which should be taken into account in setting chargeout rates. Many firms undercharge for their services, and this review identifies areas where rates should be increased where the value is evident.
   
• Cost Reduction Review - Involves a review of all costs and justification for them. Many firms are spending money on expenses that don't add anything to the bottom line. This can happen because "that's the way we've always done it". We can help you zero-base your budgeting process and keep on top of your costs from an unbiased third party viewpoint.
   
• Credit Limit System - We focus on prevention of bad debts, rather than trying to collect debts that have already become old and uncollectible. Your best defence is a solid file opening system that weeds out non-payers and low quality clients. We can show you how to set up a credit limit system that will dramatically reduce your bad debts expense with much less time spent on collections efforts by your lawyers and staff.