Managing partners, financial partners, members of executive committees and administrators must devote more of their time today to planning and managing their firms’ finances. This article describes six aspects of law firm management and economics recommended to assist improving a firm’s cash flow. These factors include cash flow; a business plan; budgets for revenues, expenses and client advances; partner compensation; a recommended new business and billing committee; and partners’ capital and borrowing.

Good cash flow requires management and financial controls, two disciplines that operate as limitations on the independent actions of attorneys in group practice.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]