DOUBLE YOUR PROFITS WITHOUT WORKING TWICE AS HARD

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Date/Time
Date(s) - Jan 27, 2021
12:00 pm - 1:00 pm

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PLAA ZOOM EDUCATION SESSION

DOUBLE YOUR PROFITS WITHOUT WORKING TWICE AS HARD

January 27, 2021, 12:00 P.M. – 1:00 P.M.

Most law firms do not believe that cost accounting applies to them, that it applies only to other industries like manufacturing. It is also a common assumption that if a law firm wants to double its profits, that it would have to double its billable hours or its billing rates. With an appropriate cost accounting system and profit plan, that is not the case. It is crucial for all law firms to implement a cost accounting system to understand their own business. How can you tell if a client, producer, division, or office is profitable? Cost accounting can provide you with the answers to those questions. Many law firms face the same challenges when making management decisions, such as allocating overhead and establishing billing rates. These challenges can be overcome by understanding the costs associated with each producer. After understanding your firm’s costs, all law firms should establish a profit plan. In this workshop, you will get a hands-on learning experience that will teach you the fundamentals of understanding cost accounting as it relates to law firms. You will also learn the practical steps it takes to create a profit plan that works toward your firm’s revenue goals.

Learning Objectives

  1. Implement a cost accounting system.
  2. Establish cost-per-hour for each producer.
  3. Identify profitability by producer, client, division, and office.
  4. Establish a profit plan for a law firm.
  5. Establish a budget using benchmarks.

PLAA Members – Free

PLAA Business Partners – Free

Click here to register on the PLAA website REGISTER NOW

You will receive a GoToMeeting link directly from Catanese Group on Tuesday, January 26.

CLM® Application Credit for Functional Specialists: 1 hour in the subject area of Financial Management (FM) towards the additional hours required of some Functional Specialists to fulfill the CLM application.

CLM® Recertification Credit:  1 hour in the subject area of Financial Management (FM)

SPEAKERS:

Samuel J. Catanese, CPA, holds the position of Leading Partner of Catanese Group, a CPA and business advisory firm located in Western Pennsylvania. Mr. Catanese is an expert in the management and administration of professional service companies and often performs profit plan engagements. These engagements involve evaluating the administrative and management procedures of the firms under review and working with owners and managers to formulate efficient and effective operating systems. Mr. Catanese developed his cost accounting and profit planning system while at Harvard Business School. He is a frequent lecturer on topics such as strategic planning and business consulting. Mr. Catanese has 35 years of experience working with all sizes and types of law firms, helping them to implement cost accounting systems and develop profit plans. During his presentations, he draws upon real-world experience and can reference benchmarks and strategies that he has compiled from working with law firms across the country.

Lisa A. Hurst is a Senior Accountant with Catanese Group. She performs profitability and cost analyses for professional service firms, as well as audit and attestation engagements, tax compliance for individuals and businesses, and accounting services. Prior to joining Catanese Group, Ms. Hurst worked as a government audit specialist for 9 years, performing audits of government agencies and government funding recipients.

Christine Scholl, MBA, is the Marketing Director of Catanese Group, and is a specialist in business consulting, information design and content creation. She helps design educational and practical content for clients on a variety of timely topics. She works on cost analysis projects for a variety of professional service firms.

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Registrations are closed for this event.