While law firms are increasingly modeling their business practices after their clients’, one they have not been interested in mimicking is the accrual method of accounting. But it may be coming.
Leaders of some of Pennsylvania’s largest law firms are calling a piece of proposed tax reform legislation floating around in Congress a “gimmick” to get what one firm leader estimated was an extra $10 billion in tax revenue from the Am Law 200 firms alone, with the end result being heavy tax burdens on partners and firms being forced to borrow money.
