Case Study

Portland Legal Firm

The incoming managing partner of a mid-sized law firm in Portland wanted to take a fresh look at their internal financial and operational reporting. He wished to ensure that the firm was measuring the right things, was receiving accurate and relevant information, and that they were interpreting and acting on that information in an optimal manner.

LedgerSource was retained to address those specific issues and to provide a fresh, objective view point from the frame of reference of a financial professional. Upon completion, the client was pleased with the results and cited the accomplishments and benefits of the project listed below.

Accomplishments & Benefits
Objectivity	Provided MP with an unbiased assessment of the firm’s accounting and administrative needs, strengths and weaknesses.
Stability	Assisted MP in navigating changes in management personnel while ensuring that core accounting functions (and firm cash flow) were not interrupted.
New Measurement System	Revamped key management reports and reporting processes to provide MP with current, reliable information concerning cash flow, attorney performance, revenue and cost trends, and budget variances.
Process Analysis & Improvement	Initiated and completed the preparation of an accounting procedures manual to ease integration of new firm administrator, to document institutional knowledge, and to reduce the level of exception processing.
Transition Management	Managed the recruitment process for the firm’s top administrative position, including taking the lead on vendor selection and interactions (and) prepared a job description for the firm’s top administrative position.