LawHer - Ep17, Brooke Lively, Cathedral Capital

TL;DR

Brooke Lively, president at Cathedral Capital, discusses the importance of financial control in law firms, the lack of women in finance, and strategies to increase profits.

Transcript

we don't grow for growth's sake we grow when it can impact the bottom line to have control of your finances is to have control of your firm and your life i am doing this to be profitable because when i am profitable we can hire more people when we hire more people we can help more clients i can provide more jobs i can enable more women to be mom an... Read More

Key Insights

• 🤦‍♀️ Women face challenges in the legal industry, with a lack of representation at higher levels of management and in finance.
• 👻 Hiring mothers part-time allows firms to tap into their intellectual capital while accommodating their family roles.
• 👮 Financial expertise, such as understanding cash flow and owner compensation, is crucial for sustainable growth in law firms.

Questions & Answers

Q: Why do so few women pursue careers in finance?

Women may shy away from finance due to the male-dominated culture and the perception of it as a "boys' club." Also, societal expectations and lack of encouragement may deter women from pursuing finance careers.

Q: Why does Cathedral Capital prefer to hire mothers?

Mothers possess valuable skills and intellect but often leave the workforce due to family commitments. Hiring mothers part-time allows them to utilize their talents without sacrificing their roles as mothers.

Q: What are the three most crucial pieces of financial information for a law firm to know?

The three key numbers are cash flow forecast, owner compensation ratio, and work in progress. These numbers provide insight into the firm's financial health and its ability to sustain growth.

Q: How can women in the legal industry empower themselves to start their own firms?

Women should pursue entrepreneurship by seeking support from experts and leveraging their existing network. Learning from others who have already started their own firms can provide valuable guidance and inspiration.

Summary & Key Takeaways

• Only 19% of managing partners in U.S. law firms are female, highlighting the need for change and empowerment for women in the legal field.

• Brooke Lively, a financial analyst, helps law firms become profitable by providing financial expertise to increase their bottom line.

• Hiring mothers part-time allows women to use their intellectual capital and skills while balancing their role as mothers.

• Six key numbers to understand for increasing profitability include cash flow forecast, owner compensation ratio, work in progress, marketing and sales metrics, net new cases, and budget-to-actual report.