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Law Firm Money

What’s in Your Law Firm’s Profit & Loss Statement

What’s in Your Law Firm’s Profit & Loss Statement?

Most small and solo law firms are working with financial statements that don’t give them the information they need to make informed business decisions. Here's a sample P&L for a law firm that looks like what I typically see.

Annette Fadness - October 10, 2019

Avoiding Common Trust Accounting Errors for Well-Intentioned Lawyers

Trust accounting mistakes strike fear in the hearts of well-intentioned lawyers. Megan Zavieh points to 5 things you can check today to ensure you are handling client funds correctly.

Megan Zavieh - September 18, 2019
Nothing But the Ruth by Ruth Carter

Dealing With Non-Paying Clients: A Rant

It sucks when clients take advantage of us and don't pay their bills.

Ruth Carter - January 15, 2019
retirement savings piggy bank with gold coins

Retirement: How Much Should You Actually Be Saving?

How much should you actually save for retirement? Everyone from your brother-in-law to your favorite (or least favorite) financial pundit has a view. But, are those opinions even remotely accurate? As opposed to pontificating about retirement ...

Ryan McPherson - April 18, 2018
money management

Financial Tips for Attorneys a Few Years Out of Law School

In an earlier post, "Money Management Tips for New Associates," we focused on how freshly minted lawyers can start their financial life on the right foot. Now let's fast-forward a few years and consider some guidance for mid-level associates and ...

Ryan McPherson - March 21, 2018

Looking for More Profit in All the Right Places

Back in January 2017, I was having breakfast with a local lawyer when he said, “I think I need to raise my rates this year. I am just not making enough money, and raising my rates should make the year more profitable.” This led me to ask, "Do ...

Chris and Peggy Gruenke - March 20, 2018
employee benefits

Understanding Your Law Firm’s Employee Benefits and Perks

If you’re an associate or other employee at a law firm, you want to make sure you’re taking full advantage of the benefits your firm offers. And if you’re a partner in a smaller firm, you should be aware of what employees will be expecting from ...

Ryan McPherson - February 21, 2018
money management

Money Management Tips for New Associates

Congratulations! You survived law school, passed the bar and got a job. By now you’re somewhat settled in. Some partners have learned your name, and you’ve received a few paychecks. So, what will you do with the steady earnings? Since it is ...

Ryan McPherson - January 17, 2018
Nothing But the Ruth

When to Raise Your Rates

How do you make more money? The two obvious ways are work more hours or charge more money. Toward the end of last year, I was debating whether I should raise my rates and, if so, by how much. I had not raised my rates for client work in three ...

Ruth Carter - January 15, 2018

Five Things That Slow Growth in a Law Firm

Many lawyers who own their own firms are frustrated by a lack of growth compared to other firms. I often hear “It’s too hard,” “That firm has a secret sauce,” “They get better cases” or “Law firms that grow quickly must be doing something ...

Brooke Lively - December 27, 2017