Finances
Update about fund transfers
There has been much written about how lawyers receive and deliver money from their trust accounts on behalf of their clients as part of a transaction. The issue comes down to ensuring good funds are being dealt with in order that value is exchanged. In Canada, our banking system works on the basis of trust,… Read More »
Categories: Cyber dangers, Finances, Firm Management, Legal Technology, Online Only, Real EstateTrust Accounting in One Hour for Lawyers
Trust accounting is one area that no one can afford to overlook, but busy lawyers don’t have time or resources to waste. Lawyers who are leaving their law firms to establish their own solo practice or small firm need this simple primer to fulfill their ethical and fiduciary responsibilities to safeguard the money belonging to… Read More »
Categories: Book, Content Type, Finances, Firm Management, TopicsRemaking Law Firms: Why and How
The traditional law-firm business model has delivered technically excellent service at seemingly whatever cost. But the times have changed, with the global financial crisis only accelerating the price-down pressures, commoditization, and client demand for efficient, business-relevant services. To respond, law firms will have to go beyond cutting costs while preserving the general way they win… Read More »
Categories: Book, Content Type, Finances, Firm Management, Future of law, TopicsLaw Firm Business Plan Outline
If you want to be successful, you should consider how your law firm will operate well before you open your doors. A business plan is your roadmap to the future – you can show it to banks, suppliers or others whom you deal with when starting your practice. A business plan tells them that you… Read More »
Categories: Finances, PrecedentsLaw Firm Budget Precedent
Budgeting and managing your cash flows are a big part of staying in business. It is an old adage that what gets measured gets done: if you have set out straightforward financial goals and expectations that are to be met within a reasonable timeline, you will be able to judge if you are meeting, exceeding… Read More »
Categories: Finances, PrecedentsManaging the Finances of Your Practice
Taking an active role in managing the finances of your practice is key to building a successful law practice. Foresight, active planning, appropriate internal controls, and an ongoing review of current finances are critical if your practice is to be successful and profitable. This booklet (Download PDF) reviews the steps you can take to better… Read More »
Categories: Finances, Managing BookletsManaging the Practice of Investing in Clients
The practice of lawyers investing in clients’ businesses is current and growing. Past experience with this type of activity (which includes taking equity positions in the form of shares of stock) has taught us that this practice raises significant issues which need to be managed. This booklet (Download PDF) will explain the issues you should… Read More »
Categories: Conflicts of Interest, Ethics, Finances, Managing BookletsHow to Start and Build a Law Practice Platinum 5th Edition
Jay G. Foonberg, published 2004, 704 pages This classic ABA bestseller has been used by tens of thousands of lawyers as the comprehensive guide to planning, launching, and growing a successful practice. It’s packed with over 600 pages of guidance on identifying the right location, finding clients, setting fees, managing your office, maintaining an ethical… Read More »
Categories: Book, Finances, Firm Management, Legal Careers, Marketing, Solo and Small FirmStrengthening Your Firm: Strategies for Success
Edited by Arthur G. Greene, published 1997, 200 pages Here’s an “owner’s manual” for the successful management of today’s law firm. Editor Arthur Greene and a team of experts share valuable insights and practical advice on important topics such as: adapting to change, meeting partnership challenges, dealing with financial problems and governance, improving leadership and… Read More »
Categories: Book, Finances, Firm ManagementFlying Solo: A Survival Guide for Solo and Small Firm Lawyers 5th Edition
Edited by K. William Gibson, published 2014, 490 pages Newly revised and updated to meet the needs of today’s legal professionals, Flying Solo is a comprehensive guide to establishing and maintaining a successful solo law practice. The Fifth Edition of this ABA classic includes practical information gathered from a wide range of contributors, including successful… Read More »
Categories: Book, Finances, Firm Management, Legal Careers, Marketing, Solo and Small Firm