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1 2020 © AppFolio, Inc.

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2 2020 © AppFolio, Inc.
Welcome to
Our Webinar!
The Bottom Line:
Taking Control of Your Law
Firm’s Financial
Performance

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3 2020 © AppFolio, Inc.
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4 2020 © AppFolio, Inc.
CLE Credit
● Texas Bar
○ Course # 174075878
○ 1 General CLE Credit
● Use this Course # to Self-Report to
Your CLE

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5 2020 © AppFolio, Inc.
MyCase is a practice
management software that
helps law firms solve the
key challenges of running
a business, so they can
grow, scale, and be more
successful.

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6 2020 © AppFolio, Inc.
Hello!
Jared D. Correia
Red Cave Law Firm Consulting, CEO
E: jared@redcavelegal.com
L: linkedin.com/in/jaredcorreia
● Former practicing attorney, has been
providing services to lawyers for over
a decade
● Regular presenter at regional and
national events like ABA Techshow
and frequent contributor to legal
publications Attorney at Work,
Lawyerist and Above the Law
● Offers subscription-based law firm
business management consulting
services for law firms, bar
associations, and corporations

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7 2020 © AppFolio, Inc.
Focus AreaAdding Financial Controls to
the Law Practice Environment

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8 2020 © AppFolio, Inc.
Financial Controls Poll
At my law firm, financial controls are:
A. Wait, what?
B. Needing of improvement.
C. On Lockdown

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9 2020 © AppFolio, Inc.
● The Risk of Fraud in the Law Practice
Management Environment
● Creating a ‘Sentinel Effect’
● Applying Financial Controls
● Establishing Review Protocols
● Establishing Policies and Procedures
Financial Controls

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10 2020 © AppFolio, Inc.
Focus AreaDerive New Insights from
Reporting Tools & KPIs

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New Insights Poll
Our utilization rate is:
A. Below industry average.
B. At industry average
C. Above industry average

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● Ad Hoc Decision-making vs Data-Driven Decision-
making
● Measuring Law Firm Efficiency
● The Effect of Efficiency on Law Firm Revenue
● Software-Based Financial Reporting Tools
● KPIs You Can Use
Derive New Insights

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13 2020 © AppFolio, Inc.
Focus AreaIncrease Your Revenue By
Discerning Financial Trends

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Revenue Poll
I make business management decisions in my law firm based
on:
A. My gut.
B. Some data, mostly instinct.
C. Data, almost exclusively.

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15 2020 © AppFolio, Inc.
Increase Revenue
● Use Data to Discover Trends
● Use Data to Make Practice
Area-Related Choices
● Act on Trends You Discover
● Legal is a Highly Competitive
Industry, so Small Changes
to Your Practice Can Have
Significant Effect
● Don’t Discount Non-Legal
Industry Trends

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16 2020 © AppFolio, Inc.
Focus AreaCapture, Bill and
Collect More Time

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Time Capture Poll
Which of the following best describes your time capture
process:
A. I use a paper time sheet. My staff hates me.
B. I use a Word file or spreadsheet.
C. I use time + billing software

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18 2020 © AppFolio, Inc.
Collect More Time
● Optimizing Time Capture
● Optimizing Billing
● Optimizing Collection… Or,
Eliminating It
● Every Transaction with a Law
Firm Client is Actually a Sales
Conversation
● Streamlining the Entire
Process

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19 2020 © AppFolio, Inc.
Focus AreaEliminate Accounts Receivable
By Embracing ePayments

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20 2020 © AppFolio, Inc.
Accounts Receivable Poll
My accounts receivable total:
A. $20k or less.
B. More than $20k.
C. $100k or more.

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21 2020 © AppFolio, Inc.
Eliminate Accounts
Receivable
● The Advantage of ePayments
for Legal Consumers
● The Advantage of ePayments
for Law Firms
● ePayments + Trust
Accounting
● ePayments + Billing
● ePayments + Collection

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22 2020 © AppFolio, Inc.
Thank you!
Jared D. Correia
Red Cave Law Firm Consulting, CEO
E: jared@redcavelegal.com
L: linkedin.com/in/jaredcorreia
CLE Credit - Texas Bar
Course # 174075878

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23 2020 © AppFolio, Inc.
QUESTIONS?