PROVIDENT LAW

Christopher Charles | Managing Partner

John Waters has been key to helping my firm understand its revenue and helped us create a strategic plan for sustaining and growing our business. He tries hard to understand our business and it is obvious that he truly cares about our success.

BACKGROUND

Provident Law is a firm based in Phoenix, AZ which prides itself on possessing strong morals built upon the sturdy foundation of justice and caring established by their steadfast convictions and beliefs. While having built a successful practice, managing partner Chris Charles reached out to Waters Business Consulting Group to bring his business to the next level.

As it currently stood, Chris was subsidizing some of the businesses overhead expenses out of his own pocket, which was reducing his monthly take home salary. Additionally, Chris was struggling with refining Provident Law's business model with the other partners, understanding the firm's needed activity to break even, and changing the firm's accounting system. Desiring to tackle the challenges faced and take his firm to the next level, Chris reached out to Waters Business Consulting Group to develop and execute a strategic plan.

Provident Law

providentlawyers.com

CLIENT INDUSTRY:

Law

Helping Tip Law Firm's Financial Scales in their Favor

The Challenge:

Lack of a clear understanding of the business' financial numbers.
Wanted a clear understanding of breakeven.
Reluctance to change the existing business model.
Firm was profitable, but the owner was coming out of pocket to subsidize the fund that paid for the overhead.
How many attorneys did the business owner need at the current fees to breakeven and cover business costs?
Needed a plan to easily present the updated business model with other partners so they understood what their cost was and why the business owner was subsidizing and needed to increase each partner's shared overhead fees.
Had difficulty in utilizing the existing accounting system and needed assistance in transitioning to a new system.
Business owner was having issues truing up uncollected money for the business.

The Solution:

Analyzed the businesses past historical financials to determine trends.
Dissected the accurate overhead costs.
Identified what revenue needs to be driven monthly in terms of partnership contributions to meet monthly overhead obligations since there was minimal company profit being driven.
Analyzed and established the true breakeven and the number of attorneys that needed to ultimately surpass that breakeven.
We also helped him come up with an easy way for him to determine what his breakeven is based on how the business was growing. Identified the types of individuals to be hired to support the internal bookkeeping.
Forecasted where the practice would grow in terms of revenue in 2019, 2020 and 2021.
Met with the business owner 2-3 times a month to review financial performance and help him craft a state of the law firm to be shared with the other partners on the financial status of the business.

The results:

Business owner was able to understand the numbers and have a better understanding of the requirements to meet and exceed the firm's monthly obligations.
Increased the number of attorneys which needed to be brought on board.
Helped transition into a high-quality accounting software.
Identify billable hours as well as rates in terms of number of transactions and number of attorneys.
Developed the maximum capacity in terms of the volume of matters(cases) that they could manage.
Helped the business owner communicate effectively with his partners about the negative operating funds that the business owner was subsidizing and why they needed to make adjustments on the monthly fees.
Helped business owner determine the average case size(matters) in terms of dollars, to help achieve target numbers for growth.
Helped business owner to understand matters from previous weeks and months. How many billable hours were there from the previous week, how many matters opened, how much was collected for the month, etc.
Helped assess the bookkeeper's performance, aptitude, attitude, etc.

REVENUE TRENDS:

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PROVIDENT LAW

Christopher Charles | Managing Partner

BACKGROUND

Provident Law

CLIENT INDUSTRY:

Helping Tip Law Firm's Financial Scales in their Favor

The Challenge:

The Solution:

The results:

REVENUE TRENDS:

See more case studies.

Moe Allen | Auto Body Shop Phoenix, AZ

Moe Allen | Auto Body Shop Phoenix, AZ

Fleming's Auto & Diesel Repair | Chandler, AZ

Fleming's Auto & Diesel Repair | Chandler, AZ

ERI USA | Eco-Friendly Packaging

ERI USA | Eco-Friendly Packaging

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