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Areas of
Expertise |
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FINANCE AND OPERATIONS |
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IMPROVE PROFITABILITY |
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Improved Net Profits by $40 million
in three years at national firm. |
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Revenue Improvements, including
shortened WIP and Better Billing
Practices |
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Improved WIP and speed of collections by
16 days. |
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Improved realization from 88% to 93% by
introducing controls and systematized
actions over billing, collection,
discount and write-off practices. |
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Expense Reductions |
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Save millions of dollars annually by
renegotiating vendor agreements. |
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Line item analysis of inefficiencies to
reduce unnecessary expense. |
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Budgeting |
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Prepare and track progress against
conservative budgets for professional
service firms. |
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Rate Structures |
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Improve profits by analyzing and
adjusting billing rates per market and
client factors. At one firm, increased
revenue by 5% per year through such
analysis and program. |
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Prepare realistic project budgets and
introduce cost-savings and profit-making
measures to meet them. |
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LEASE NEGOTIATIONS |
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Negotiate and re-negotiate office
leases, saving millions of dollars. |
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Handle redesign and move options to
reduce move costs. |
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Reduced operating expense by 20% as a
result. |
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New Business Plans |
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Consult to spin-offs and start-ups to
establish budgets, business plans,
banking relationships, organizational
structure. |
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Efficiency Analyses and
Implementation |
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Cut staff/professional ratios by 80%,
saving $5 million annually at one firm. |
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Compensation Structures |
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Design profitable and sensible
compensation programs for staff and
principals, incentifying firm’s
productivity objectives and reducing
financial exposure to the firm. |
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RISK AVOIDANCE |
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Develop client intake processes to
ensure profitable, appropriate client
relationships. |
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Establish procedures for conflicts
systems, billing histories, client
terminations, client satisfaction
monitoring, and employee turn-over and
terminations to avoid representation of
unworthy clients and disgruntled
employee claims. |
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Knowledgeable in professional liability
coverage, so able to save millions of
dollars by re-negotiating professional
liability contracts and developing deep
relationships with carriers and
underwriters. |
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BUSINESS DEVELOPMENT |
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Implement effective business development
program, obtaining new business from
existing clients and establishing
institutional client relationships. |
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Train associates and junior partners for
firm profitability and longevity. |
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LATERALS |
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Perform in-depth due diligence on
reputation, cultural, practice area
advisability of acquisition. |
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Conduct integration programs to improve
likelihood of success of lateral. |
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Construct compensation packages that are
profitable for firm while properly
motivating lateral. |
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HUMAN CAPITAL |
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Save the 50 - 150% expense of unwanted
turnover, loss of talent and disruption
to client relationships by developing
and executing: |
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Alternative work arrangements. |
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Diversity programs. |
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Professional development programs. |
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Re-engineer staff functions for
efficiency and productivity. |
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Analyze, re-bid, re-negotiate benefits
packages, promoting morale while
reducing expense. Saved $1 million
annually in direct expense at one
national firm. |
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