A firm in financial trouble that is struggling to pay its employees each week must focus on how to improve short-term financial performance. Once it restores financial stability, it can deal with its long-term goals.
A new firm must concern itself with facilities, equipment, internal systems and financial stability. Partners may have to work far harder than they would in an existing firm because they must spend inordinate amounts of time in making initial management decisions in addition to spending a lot of time on marketing, practicing law and getting paid. Once the firm is established, the partners can devote more of their energy planning for the future.
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