Why Your Practice Is Burning Money And How You Can Do Better - Above the Law

"If your firm is not collecting earned revenue, growth will slow, cash flow will tighten, and profitability will suffer. Fortunately, revenue and profit leakage can be minimized with awareness, the right tools (such as 8am Smart Spend), and disciplined financial oversight. In this webinar, Brittany Hoffmann of 8am and fractional CFO Kelley Brubaker explored common sources of profit leakage - along with practical, actionable tactics for improvement."

"What Your Gut Can Tell You If you think your firm is thriving while your bank account indicates otherwise, you likely have a problem with revenue leakage. Here, Kelley explains why. What Profit Leakage Looks Like As its name would suggest, profit leakage can be similar to a dripping faucet. Here, Kelley explains why - and shares the most common culprit she's seen at law firms. What to Do First There are some low-hanging fixes to shore up your firm against profit leakage. Here, Kelley shares one."

Uncollected earned revenue causes growth to slow, cash flow to tighten, and profitability to decline. Revenue and profit leakage can be reduced through awareness, implementation of tools like 8am Smart Spend, and disciplined financial oversight. Common sources of profit leakage include billing gaps, uncollected fees, and operational inefficiencies that drain revenue. Early detection relies on monitoring financial red flags, reconciliations, and timely intervention. Immediate low-effort fixes can recover lost revenue, while long-term strategies and consistent financial controls sustain improved profitability and healthier cash flow.

Read at Above the Law