Over the years, working with law firms of all sizes, the Iezzi Management Group has developed sophisticated computer models that significantly reduce the time necessary to prepare the annual budget. By providing some basic information and assumptions, these models have been able to project net income within 2 - 3% of actual results. The models provide the ability to perform "what-if" scenarios, permitting the firm to alter the assumptions in order to determine the affect on net income.
For a cost of $600, the Iezzi Management Group will prepare your initial budget, and three revisions, based on different assumptions that the firm wishes to use. If you are interested in this service, please send your check to Iezzi Management Group, 1906 Hamilton St., Richmond, VA 23230, along with the following information:
1.
Average number of timekeepers expected during the year, identified by Partners (Shareholders), Associates and Legal Assistants, along with the average standard rate of each group and the average expected billable hours. Also provide the estimated billable value of others in the firm not identified as one of the primary timekeeper categories that could be expected during the budget year.
2.
Balance of Work-in-Process and Accounts Receivable at the beginning of the year.
3.
Rate Realization Percentage - This is the expected percentage of standard billable value that the firm expects to receive from his clients and represents the value that is actually recorded in the timekeeping system. It is generally referred to as the "client value".
4.
Billing Realization Percentage - This is the percentage of client value that the firm will expect to bill for the year and relates to the firmís historical write-up/write-down percentage.
8.
Estimated average collection time, represented in days, from the time the bill is rendered until the amount is collected.
If you have questions, please email us.
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