From Start-Up Vision to Thriving Firm & Generational Transition

The Challenge

A group of partners from a larger firm decided to launch a new insurance defense and commercial litigation practice. They faced the challenge of building a new firm from the ground up, which required comprehensive support in financial modeling, securing bank financing, setting up administrative systems, and ensuring operational readiness. All these tasks needed to be completed while maintaining the utmost confidentiality.

The Solution

The partners discovered PerformLaw through industry recommendations and were impressed by their deep understanding of law firm operations and financial management. After considering other consulting firms, they chose PerformLaw for their tailored approach and specialized expertise. "PerformLaw's integrated approach and hands-on support were invaluable in launching our firm. Their ongoing strategic guidance has been crucial to our sustained growth and success," said John Doe, Founding Partner. PerformLaw assisted with developing initial financial projections, facilitating bank negotiations, setting up billing and accounting systems, consulting on operating agreements and compensation plans, and providing ongoing Virtual CFO and Augmented Management Support.

The Results

The firm launched smoothly within six months and achieved 95% accuracy in their initial financial projections. PerformLaw's continued support has been instrumental in the firm's growth, including vetting five lateral hires and admitting three new equity owners. As the founding partners approached retirement, PerformLaw implemented a successful transition plan, ensuring the firm's continued success into the next generation. The firm remains on solid financial footing and continues to thrive with PerformLaw's ongoing strategic financial guidance.