A lack of formal business training may adversely impact recent legal graduates’ practices in two ways. Lawyers entering solo practices or small firms that must manage their own practices will lack the knowledge base to do so effectively. Lawyers representing businesses will be less effective representing and developing clients. The information below is a quick introduction to what recent law graduates should know about accounting, finance, marketing and management.
• Accounting and finance. Lawyers managing solo or small firm practices must develop procedures to account for client billing, collections and expenses and to ensure their records will withstand an Internal Revenue Service audit.
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