Transforming an Accounting Firm's Operational Efficiency

The Challenge
The business owner of a thriving Accounting Firm found herself overwhelmed by the demands of managing day-to-day operations. Her team was operating at full capacity, leaving no room to onboard new clients. She lacked the time to engage in networking events essential for business growth, and her team relied heavily on her to prioritize workload and solve problems. The firm had reached a critical juncture where stagnation was a real risk.

The Solutions
LMP conducted a comprehensive assessment of the Accounting Firm's roles, responsibilities, reporting structure, SOPs, tech stack, and financial statements. We held one-on-one sessions with the business owner and her second-in-command, along with a session involving the entire team. The goal was to understand the underlying issues and collaboratively identify opportunities for optimization.

Following the assessment, LMP provided the CEO with a detailed analysis, including clear recommendations, actionable next steps, designated ownership, and suggestions for future enhancements. We walked alongside the business owner and her team to implement the changes, conducting regular accountability and coaching sessions with her and key team members.

The Results
Six months later, the transformation was evident. The firm had successfully added four new clients and hired additional staff to handle the increased workload. The business owner now has the time to regularly attend networking meetings, which has further fueled the firm’s growth. Most importantly, she has achieved a much better work-life balance, no longer bogged down by the daily operational grind but instead focusing on strategic initiatives and business development.

Through a tailored approach that addressed the firm’s specific challenges, LMP enabled this Accounting Firm to break through its growth plateau and establish a sustainable path forward. The strategic changes not only improved operational efficiency but also empowered the business owner to reclaim her time, leading to both personal and professional growth. LMP continues its personalized support by regularly holding check-in meetings with the CEO to provide coaching and refine strategy as the firm evolves. 

The Challenge

A prominent law firm faced a pivotal moment when an equity partner, who had been responsible for financial management and strategy, retired. This transition left the remaining equity partners grappling with a significant leadership gap. They recognized the need for better data and insights to support strategic decision-making, without taking away their time from business development and practicing law.

The Solutions

LMP stepped in as their Fractional CFO to address these challenges. We started by conducting a comprehensive analysis of the firm's financial statements, attorney performance metrics, and standard operating procedures (SOPs). We presented the equity partners with a clear summary of our findings, along with targeted recommendations to strengthen their financial and operational foundation.

To propel the firm forward, LMP developed customized key performance indicators (KPIs) and financial reporting metrics tailored to the firm's unique needs. We also designed SOPs and strategic plans to provide a structured roadmap for growth. We continue to meet regularly with the equity partners, delivering data-driven insights and strategic advice. This ongoing partnership enables the equity partners to focus on practicing law, while confidently steering the firm toward long-term success. 

The Results

With LMP’s strategic guidance, the law firm successfully navigated the transition and bridged the leadership gap left by the retiring partner. The implementation of new KPIs, financial reporting metrics, and tailored strategies has empowered the equity partners to make informed decisions that are shaping the firm’s future.

Through our personalized solutions, LMP provided the tools and insights necessary to elevate the firm's growth trajectory. By equipping the equity partners with the insights to make data-driven decisions and addressing difficult conversations when goals are not met, LMP provided the structure and accountability needed to drive progress. This approach allows the equity partners to remain focused on their core responsibilities, ensuring the firm continues to grow and achieve its strategic objectives. 

The Challenge
A personal injury law firm wanted to invest in a custom large language model (LLM) to increase team productivity and reduce the need for additional associate hires. Before committing to this technology investment, the managing partner needed accurate financial insights and streamlined processes to ensure the firm could support and benefit from such a strategic investment.

The Solutions
LMP became the firm’s Fractional CFO/COO. We began by conducting a comprehensive review of the firm’s financial statements and uncovered significant errors made by the firm’s CPA, including nearly $100,000 of firm expenses incorrectly recorded against the managing partner’s draw account. To resolve this, we brought in a trusted bookkeeper from our network to clean up the financials and engaged a new CPA and personal financial planner who refiled prior tax returns and provids holistic advisory services.

In parallel, we alleviated the managing partner’s day-to-day accounting and operational burdens, giving him the freedom to focus on building his practice. To support this shift, we streamlined workflows across the firm to improve efficiency and introduced key performance indicators (KPIs) that provided clearer, more actionable insights into financial and operational performance. With this stronger infrastructure in place, we developed forward-looking budgets and financial models to evaluate the ROI of the LLM investment and position the firm for future technology adoption.

The Results
By combining financial restructuring, operational improvements, and technology readiness planning, we provided a fully tailored approach that aligned the firm’s growth strategy with its innovation goals. Accurate and reliable financial statements, along with custom-built budgets, gave the managing partner the clarity needed to confidently invest in a custom LLM without raising outside capital. 

By integrating financial clarity, operational discipline, and forward-looking tech planning, we transformed the firm’s operations into a foundation capable of supporting sustainable growth and innovation. We remain actively engaged, managing day-to-day accounting and operations, overseeing technology adoption, and guiding future innovations. This continued involvement ensures the firm not only sustains its progress but also stays on track to achieve its long-term growth and innovation goals.