Law Firm Business Services

The Importance of a Long Term Plan for Your Firm

Our strategy and planning assistance can help your firm decide where it is going and develop a realistic plan for getting there.

Our recommendations utilize firm-specific research and analysis plus an in-depth understanding of the market economics and competitive landscape to provide as much insight as possible.

  • Strategic Planning
  • Mergers/Acquisitions
  • Succession Planning
  • Partner Compensation
  • Profitability and Financial Management

Profitability Improvement

Why hire us? We thoroughly understand law firm finance and economics. Find out where you stand against comparable firms and what can be done to enhance profits.

Strong and superior financial performance is the result of hard work and dedication to all aspects of a firm’s operations and strategy. For over 30 years, we have studied and researched law firm economics, advised firms on their individual financial performance and in making recommendations to enhance firm profitability.

In strategy, merger, and partner compensation engagements, we invariably carry out an overview financial analysis focusing on the issues that impact on profitability: competitive billing rates, utilization (working hard or hardly working), leverage (the firm’s ability to push work to the lowest cost level), overhead and staffing (effectiveness of managing firm resources), and profits (income available for partner compensation).

Such analysis is needed to enable us to advise firms on their financial planning and improvements to their economic performance. Maxfield Peterson is called upon to:

    • Help firms to identify the financial issues that must be addressed and resolved to achieve increased profitability.
    • Suggest improvements to enhance cash flow.
    • Review budgeting techniques to manage partner income expectations.
    • Assist firms to review or develop appropriate pricing strategies.
    • Advise on best practices for financial management reporting, KPIs, and benchmarking.
    • Assist and advice on profitability reporting by client, partners, and a partner’s book.
    • Review partner capital structures to address a firm’s future capital needs, partner admissions, and partner retirements.
    • Review unfunded retirement programs and assess the efficacy of your current program and work through changes as appropriate.

Call us at 970-249-9074 for a free consultation to see how our law firm business services can benefit you and your company.

  • ABOUT PETE
  • LEGAL INDUSTRY EXPERIENCE
  • ARTICLES AND PRESENTATIONS
  • TEACHING
  • OTHER EMPLOYMENT
  • PROFESSIONAL AND CIVIC
Pete Peterson, CPA

Stephen M. Peterson is the Managing Director of the Law Firm Business Institute and a strategic senior consultant of Joel A. Rose & Associates.

Mr. Peterson has worked with a wide variety of closely held businesses and professional service firms, with over 25 years of management and consulting experience, including 10 years as the Chief Financial Officer and Director of Administration for a 240 attorney Minneapolis law firm and 3 years as the CFO for a 100 attorney Denver law firm.

He was also the Chief Operating Officer for an internationally renowned law firm consultancy. Mr. Peterson has written and lectured on a wide range of financial and management issues.

Mr. Peterson holds a ​B.S. in Accounting from Mankato State University, Mankato, Minnesota.

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Maxfield Peterson

Grand Junction Office
751 Horizon Court, Suite 102
Grand Junction, Colorado
81506


970.245.3600

Montrose Office
1203 North First Street
Montrose, Colorado
81401


970.249.9074

Ridgway Office
640 Sherman St. Suite D Ridgway, CO
81432


970.626.9889

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