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.
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