When money is tight and firms have had to make dramatic and often-times drastic changes, the firm’s managing partner or executive committee is both obligated to provide more information to partners about the firm and for overseeing and evaluating the current operations and policy, and determining an appropriate course of action to insure the firm’s viability.
One vehicle for accomplishing these tasks is an item that we often recommend in the course of our work with law firms, namely, the preparation of an annual report that might be considered as “The State of the Firm” and which should be prepared under the supervision of the managing partner. The report would provide an appraisal of prior years and planning for the coming period.
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