If you’re looking for accountants for lawyers, Inspire can help! At Inspire, we work with several different types of law firms in the small to medium space. We’ve worked with family law firms, business-focused law firms to employment lawyers. We love working law firms because we have a very similar business in terms of professional service.
Our experienced accountants can help you with a range of different accounting services, are you wanting assistance with:
We guarantee that your people or team members are utilised quite well with a law firm. We find a few different models with law firms, whether it is fixed pricing or billable hours. Either way, we make sure that your legal team is working with your client files or for the business as much time as we can. Utilisation is a key number when it comes to law firms.
The other thing that we need to focus on depending on the business of your law firm, is the flow of work. You should have great referral resources because, unlike accountants, the tax needs to get done every year, there’s usually project base billing with law firms. We make sure that you’ve got a core group of clients or a core group of referral partners where you are getting consistent work to build that business over time.
Some numbers to focus on are the monitoring of leads per week and the number of sales meetings. Formalising a sales process is important in professional services and often it’s not taught to us too well. Be certain that you have that documented and have a KPI of sales per week.
The other one is your utilisation rate. If you do keep timesheets, you keep track of the numbers and total revenue per week. At Inspire, we have this thing called “Magic Number”. We make sure our team understands what’s the magic number in sales that we need to hit every single week to make sure everyone is paid.
In terms of us helping as accountants, we start with our core product which is doing anything tax and keeping it up to date. We’ve helped by assisting the firms buying commercial property through an SMSF or personally through a trust. We can help grow the business and ensure that they are understanding the numbers that drive growth in their business.
If you’re a law firm needing accounting help and you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us and to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may ever pay, and strategies of how we might fix that going forward. We can run through with you once you book with us. Book an initial chat at inspire.business/chat
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