Client:  Law firm and its partners

Client's Goals: Create accounting and finance system from the ground up.

Our Team's Role: Multitude of consulting services - Case management/accounting, ERP selection and implementation, IT services, tax advisory, financial reporting, legal billing, partner distributions.

Partners exiting a large law firm formed their own boutique firm, focused on a specific legal niche. The firm needed to create their accounting and finance functions from the ground up, which would be a heavy lift. In addition to building an efficient billing process, the firm needed to be able to capture specific key financial and management metrics and reporting processes, as well as incorporate adequate tax planning.

Challenges

• Selection of a case management and accounting/finance ERP platform that would best align with the firm’s needs.
• Initial tax planning, continual tax reporting, and tax projections.
• Establishing processes related to accounting, finance, financial reporting, and legal billing.
• Development of tailored management reporting and performance metrics.
• Buildout of reporting and workflow for partner’s quarterly distributions.

Citrin Cooperman's Approach

• Provided a multitude of crucial start-up consulting services.
• Once operations began, our team developed efficient processes related to all accounting and finance functions, most importantly focusing on streamlined billing methods.
• Provided weekly reporting (billings, collections, AR aging, cash flow forecasting) and live touchpoints.
• Workflow and reports developed to adhere to equity allocations per partnership agreement.

Results

• Systems and processes that align with the firm’s growth strategy and allow for proactive decision making.
• Access to real-time key financial information allowing for strategic investment decisions (talent, marketing, etc.).
• Monthly partner reports highlighting key performance indicators (KPIs) and insight of the drivers behind those KPIs.
• Timely quarterly financial information provided with each partner distribution to allow for adequate partner personal income tax planning.