Even during prosperous times, unforeseen economic challenges might be just around the corner. As such, it is imperative for law firms to reinforce their economic resilience to ensure long-term success. Kelley Brubaker, a seasoned fractional CFO and the voice behind the “Your Profitable Law Firm Podcast,” emphasizes the importance of looking forward, comparing it to driving a car where the focus should be on the road ahead rather than the rearview mirror.

In her recent webinar, "Economic Resilience in Action – Helping Law Firms Thrive in 2025 and Beyond," alongside industry experts Kimberly Bennett of Fidu and Scott Berry of MarketCrest, Brubaker shared vital strategies for firms aiming to fortify their economic foundations. Here are four pivotal approaches based on her insights:

Think Linearly

Understanding and tracking firm-specific key performance indicators (KPIs) is essential. These metrics should span across past, present, and future data to provide a comprehensive view. Past performance can be gauged by profit and loss statements, present status by current bank balances, and future potential through incoming leads and client conversion rates. This approach helps in aligning the firm’s strategies with its long-term goals.

Don’t Just Cut Costs

Rather than merely slashing expenses to boost profitability, which can lead to lowered morale and poor client service, Brubaker advises law firms to consider smarter spending. This involves reassessing how funds are allocated and ensuring that each dollar spent advances the firm’s objectives. For instance, optimizing the roles of staff to enhance return on investment rather than cutting down on workforce.

Regularly Audit Your Subscriptions

With the proliferation of digital tools and subscriptions, costs can spiral without careful management. Brubaker recommends conducting a thorough audit of all subscriptions every six months. This review should assess the necessity and utility of each subscription, checking for redundancy and ensuring that each service contributes effectively to the firm's operations.

Leverage Efficient Tools Like 8am MyCase

For those utilizing 8am MyCase as their law practice management system, several built-in features can aid in better financial management. The system offers functionalities such as MyCase Accounting for tracking expenses accurately, integrated time and billing to align expenses with case revenues, and Smart Spend tools for real-time financial tracking. These features collectively help in minimizing unnecessary expenditures and enhancing overall profitability.

By adopting these strategies, law firms can not only survive but thrive in fluctuating economic landscapes, preparing them to face future challenges with robust resilience. To dive deeper into these insights, Kelley Brubaker’s webinar and writings provide a wealth of knowledge tailored specifically for law firms looking to fortify their economic standing in challenging times.