Financial management: Risk and reward
The current economic and market conditions have driven exchange rate/interest rate volatility, inflation risk and an unprecedented level of uncertainty not seen for 18 years. As a result, and in addition to the commercial risks facing law firms, there are significantly increased financial risks, often outside their immediate control. In a growing economy these are masked by increased billing rates and profits. However, in a period of sustained downturn where costs need to be tightly controlled, ignoring financial risk or leaving it to chance is likely to be painful for the firms concerned.
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