Episode 38:
Brooke Lively specializes in helping entrepreneurs turn their companies into profitable businesses by working with closely held companies with revenues up to 10 million dollars. Prior to consulting, Brooke was the full-charge administrator for a seven-figure small law firm which she helped to build from the ground up. She also serves as a Receiver in Texas with a special interest in family owned and operated companies and other assets in dispute.
Her 6 Key Numbers book series which includes 6 Key Numbers® Every Entrepreneur Should Know and 6 Key Numbers Every Psychologist Should Know is soon to be followed by an edition for Attorneys. Brooke co-authored a book in 2012 on the subject of receiverships titled Controlling, Protecting and Monetizing Assets in Dispute.
Before entering the legal industry, she covered a wide range of public companies as an Equity Analyst with Lindus Advisors. She worked with Prides Capital and Bain Consulting where she gained corporate finance experience by working on a restructuring project taking a company private.
Brooke holds an MBA with a double concentration in Investments and Corporate Finance from Texas Christian University in Fort Worth, Texas, and has been awarded the prestigious Chartered Financial Analyst designation.
What you’ll learn about in this episode:
- How Brooke came to the idea for her book From Panic to Profit: How 6 Key Numbers Can Make a 6 Figure Difference In Your Law Firm
- How Brooke identified six KPIs in six categories that make the biggest difference in law firms, and what the difference is between a leading indicator and a lagging indicator
- How the first of Brooke’s categories is “cash” and the key indicator is your “cash flow forecast”
- Why most law firm owners care most about the second category of “ideal ratios”, and why the truly important number in that category is owner compensation
- Why the third category is production, and why the key indicator here is WIP (your work-in-progress)
- Why the fourth category is your budget vs. actual report, and why this lagging indicator is important to view every month
- Why the fifth category is marketing and sales, and why the key number in this category is the number of sales calls that are booked
- Why the final category is case management, and why the critical leading indicator in this category is your net new cases
- How to determine the amount of money you should be investing in your marketing, and how changing a firm’s fee agreement can make a drastic change
- Brooke shares how any million-dollar firm can make an extra $150,000 a year by adjusting their fee agreement without doing a single hour of extra work
Resources:
- From Panic to Profit by Brooke Lively: https://amzn.to/39h9rUV
- Website: www.cathcap.com
- Email: brooke@cathcap.com
- LinkedIn: www.linkedin.com/in/brookelively/
Additional Resources:
- PILMMA’s free Coronavirus Survival Kit: www.pilmma.org/resources/
- Strategic Attorney Coach: https://www.pilmma.org/strategic-attorney-coach/
- PILMMA Join Page:Â https://www.pilmma.org/mastermind/
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