Law Firm Financial Management

pay yourself first

Building a Law Firm That Pays You First

Brooke Lively | We see it all the time — the more law firms grow, the less profitable they become.

Brooke Lively - March 4, 2023
law firm 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 27, 2023
law firm accounting

Law Firm Accounting: 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 - February 25, 2023
employee personality types

Have You Hired a ‘Terrorist’? 4 Kinds of Law Firm Employees

Keeping certain employee personality types can cost you, even if they perform well. Has your law firm hired a puppy or a terrorist?

Brooke Lively - February 14, 2023
cost of employee turnover

Your Law Firm’s Employees Cost Too Much to Lose

Brooke Lively | A Financial Breakdown for Recruiting and Hiring a New Attorney (Holy Cow!)

Brooke Lively - January 30, 2023
economic downturns

Weather Tough Economic Times Using Some Lessons From History

Law firms, lawyers and other professionals can learn from past economic downturns. There are many useful and inspirational lessons to learn about how law firms and other organizations have successfully weathered prior economic storms, then ...

Julie Savarino - January 10, 2023
accepting crypto payments

Accepting Crypto Payments for Legal Services

Todd Carney | Sooner or later, you will have a client who wants to pay you with cryptocurrency. Here's what you should know about accepting crypto payments.

Todd Carney - November 5, 2022
practicing law during a recession

How to Prepare Your Law Practice for the Coming Recession

Brooke Lively | A huge number of lawyers are facing something they've never seen before.

Brooke Lively - October 25, 2022
law firm profits

Understanding Law Firm Profits — And What to Do With Them

Brooke Lively | How can you owe taxes if there wasn’t much cash left in the business account at the end of the year?

Brooke Lively - October 19, 2022
lawyer flat fee

Ethical Considerations for Flat Fee Billing

Mark C. Palmer | Q: “I’d like to expand my law firm’s flat-fee offerings into new practice areas, but I want to make sure it's a sound financial move and an ethically permissible one.”

Mark C. Palmer - October 11, 2022
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