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How Much Capital in Your Law Firm?

"How much capital should I have in my firm?” It’s a question I hear frequently from lawyers and business owners. It seems like a simple question, but the answer is rarely simple. The level of capital you need depends on your practice, and how quickly you can convert your services or inventory into cash. A grocery store, for example, generates cash every day the doors are open — but a law firm might not get paid for 60 days or longer after delivering a service. So the capital requirements for these businesses will be considerably different. You can figure out a number that works best for your practice by analyzing your working capital ratio and doing a little bit of math. READ THE REST

June 22, 2015 0 0 0