Law Firm Financial Management

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.

This checklist will help you tidy up by the end of the year and give you a clear picture of your firm’s financial performance.

Karen Dunn Skinner and David Skinner | Here are five process improvement tips to help you handle conflict checks efficiently and ethically.

No one likes to pay bills. Even when the service or product we are paying for, such as attorney fees, is way more valuable than the actual dollar amount on the invoice, we humans just hate to see the money out the door. For instance, ...

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 ...

How do you design compensation plans that are good for your law firm and the new hire? Follow the wise counsel of the rule of thirds. Compensation plans have become a hot topic as competition increases for good attorneys. Yet here’s the problem: ...

Brooke Lively | Consider rolling out a new bonus structure designed for the greater good of the entire firm.

Advice on setting your annual billable rate increase — and how to tell your clients.

Brooke Lively | Here are the two most important factors that determine your firm's value — if you want to sell.

Camille Stell | Tips for tidying up your practice and conducting a comprehensive financial review.