Nir Yerushalmi | How To Increase Revenue by Making Better Financial Decisions for Your Law Firm

Nir YerushalmiNir Yerushalmi is the Founder and Co-managing Partner at Precise, the leading financial management and control service provider for architectural and engineering firms and law firms. Precise has 300 employees, operates in four countries, and works with 70 law firms around the world. For over 25 years, Nir has established Precise as a lifelong financial partner, as demonstrated by its 98% customer loyalty rate and a range of in-sourcing, out-sourcing, and consulting options available to suit any company.

As the company’s Founder and Co-managing Partner, Nir is responsible for its business development, standards, culture, and service-oriented approach. With a wealth of legal, leadership, and financial experience, he understands how to optimize company operations, increase business performance, and enhance decision-making.

After observing his employees and customers struggling with inefficient business processes, Nir developed Lawyal, a cloud-based platform that offers an effortless and stress-free billing process to empower legal and financial departments for success. As the platform’s Founder and CEO, he has pioneered change in law firms’ management processes by leveraging optimized methods and advanced technological tools to drive results.

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Here’s a glimpse of what you’ll learn:

  • Nir Yerushalmi’s incentive to manage law firms’ finances
  • The common operational challenges law firms face
  • What are the most significant financial mistakes law firms make?
  • How billing chain management generates profit losses
  • Nir discusses the main KPIs (key performance indicators) law firms should evaluate and how they impact decision-making
  • Tips for managing finances and increasing revenue
  • Small to midsize firms’ ideal profit margins and factors influencing profitability
  • Nir’s practical financial advice: don’t manage what you can’t measure

In this episode…

As a law firm, managing your finances is critical in maximizing profitability, optimizing productivity, and delivering value to clients. But, many firms lack the appropriate methods to manage statements and work-in-progress (WIP), ultimately inhibiting effective decision-making. So, what strategies can you leverage to increase revenue and streamline operations for your law firm?

Having worked with 70 law firms to organize their finances, Nir Yerushalmi knows how to manage law partners and solve firms’ most pressing financial challenges. He says that to make informed financial decisions, you should first evaluate four KPIs (key performance indicators): revenue per lawyer, income per hour, hours per associate, and revenue per potential revenue. Analyzing these metrics allows you to gauge your profit margin and establish a clear budget. With a wealth of leadership skills, Nir emphasizes the importance of compiling monthly reports to inform partners and associates of important KPIs, ideal budgets, expenses, and profitability rates.

In this episode of The Lawyer’s Edge Podcast, Elise Holtzman interviews Nir Yerushalmi, Founder and Co-managing Partner of Precise, about how to raise revenue through effective decision-making. Nir shares the common operational challenges law firms face, how billing chain management generates profit losses, and tips for managing finances and increasing revenue.

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