The Legal Back Office Story
Running a law firm with a few lawyers is manageable, but more than a few lawyers means hiring a bookkeeper, someone to process invoices and follow-up on those invoices, creating an accounts receivable process, creating an accounts payable process, engaging in intentional and productive marketing, and creating an IT infrastructure. Without the right support, those steps lead to skyrocketing expenses!
LBO Origin Story: LBO was born from a need by Stock Legal, a boutique law firm working with small to medium-sized businesses. In 2014, Sara Stock left her equity position at a large law firm to build what is today Stock Legal. In a few short years, Sara went from handling her clients work alone to bringing on 15 other attorneys to help her manage her fast-growing client base. In the middle of that, Sara found herself with 9 lawyers, and little margins because of over $100,000 in expenses to have a “professional back office”. The timing coincided perfectly with meeting Jaimee Hall, co-founder of LBO, and they set off together to build a company that helped other lawyers throughout the US through those same barriers to growth.
How did Stock Legal grow at that pace? Sara runs Stock Legal like a business with processes, procedures, marketing initiatives, project management, financial key performance indicators, and a website that uses inbound marketing to stay in touch with current clients and attract new clients. In addition to that, Sara now manages Stock Legal’s financial reporting, which allows the firm to continue to grow debt-free.
LBO Today: LBO has grown into a trusted service partner to law firms throughout the US and has expanded its services to include Strategic Planning, Consulting, Fractional C-Suite work, Bookkeeping, Live Accounting, Invoicing, A/R, A/P, Payroll, Marketing, and IT Services.
To revolutionize the legal industry’s law firm model, and in doing so, positively impact the world.
Legal Back Office now operates in 9 states and can consult with law firms nationally.
Check out our portfolio to see more of our recent work.