The missing think
Financial management often proves an overwhelming challenge to law firm managing partners unused to dealing with the realities of long-term financial planning. Ed Wesemann looks at how partners can convert the time spent trying to balance the books into time spent earning fees
Law firms are incredibly short-term oriented. In the US, we can in part blame the tax code that causes firms to view everything on a cash in-cash out basis. But that cannot be the whole problem, because law firms in Canada and Europe tend to be just as short-sighted, and they are (at present) taxed on the accrual basis.
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