Regional Law Firm — Profitability Turnaround
ASSESS:
- Breakeven profits for last 5 years despite rapid revenue growth
- Debt increasing last 24 months; line of credit maxed out
- Poor cash flow and cost controls
- Operations Manager consistently working 70+ hour weeks
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DESIGN:
- GAAP compliant accounting systems and practices
- New process for projecting and managing working capital
- New banking relationships for improved credit terms
- New payroll provider
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DELIVER:
- $1.5 million improvement in profits
- 25% - 35% less work hours per week for Operations Manager
- 20% reduction in payroll support costs
- 70% reduction in total debt
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“2008 was a high water mark year for our firm.”
