This is the time of year managing partners, financial partners, executive committees and administrators should evaluate the 2007 year-end results and make (or implement) plans to ensure that 2008 will be successful.
It is also when lawyer and administrative managers should consider attorneys’ expectations and shifts in the firm’s client base and practice areas and analyze such trends as rising overhead percentages, increasing accounts receivable for billed fees and client disbursements, rising inventories of unbilled time and client disbursements and increasing outlays of capital for equipment, space and leasehold improvements.
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