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Improving Management of Hard Disbursements

By Steven J. Henry

Improved hard-disbursements management can mean major improvements for firms' financial performance.

In the mid-1990s, the IRS stopped allowing lawyers to deduct as a business expense funds advanced for clients, treating their repayment as income. The agency said such advances should be treated as loans. This policy turned the nation's lawyers into bankers making interest-free loans. Last year, the AmLaw 100 firms alone reportedly advanced more than $4.5 billion in such loans.

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