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WHAT WE’RE WATCHING
CAPITAL BUILDING – It’s fairly obvious that when the Wu-Tang Clan’s Method Man rapped that “cash rules everything around me,” he was advocating for a more financially sound approach to managing a large law firm. As Dan Packel reports, the traditional operating model, in which a firm divvies up all its profits among the partnership at the end of each fiscal year and starts fresh, can be a dangerous one when the economy takes a tumble. As a result, an increasing number of firms appear to be taking less risky approaches, including setting aside a portion of profits in order to ensure there is cash on hand in case of a crisis or simply to invest in the organization’s future without taking on debt.
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