Money. Every firm has it. But unfortunately, some people want to take what doesn't belong to them, and they may seek out ways to target your firm's cash. Nearly 88% of asset misappropriation schemes involve cash, according to the 2006 ACFE Report to the Nation on Occupational Fraud and Abuse.
Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Accounting and Financial Planning for Law FirmsKickerFeaturesTopicsCommercial LawLaw Firm ManagementSectionsNewsLJN Newsletters
Law Firm Management Is Cash Management
Money. Every firm has it. But unfortunately, some people want to take what doesn't belong to them, and they may seek out ways to target your firm's cash. The elements of motive, opportunity and rationalization are present in nearly every scheme. Eliminating or mitigating any of these factors will make it more difficult for a fraudster to target your firm. In a tightening economy, it is more crucial than ever that you remain diligent about protecting assets. The identification, implementation and testing of internal controls over cash receipts and disbursements is a critical step, because even small dollar amounts taken over months or years can add up and entangle your firm in a costly situation.
The elements of motive, opportunity and rationalization are present in nearly every scheme. Eliminating or mitigating any of these factors will make it more difficult for a fraudster to target your firm. In a tightening economy, it is more crucial than ever that you remain diligent about protecting assets. The identification, implementation and testing of internal controls over cash receipts and disbursements is a critical step, because even small dollar amounts taken over months or years can add up and entangle your firm in a costly situation.
Cash Management: Getting It Right
Getting cash management right at its inception is important, but it is never too late to institute systems that will help you deter misappropriation. Assume
Read These Next
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Marketing Analytics: More Is Not Always Best
In the past few decades, law firms have made great strides in catching up with the rest of the corporate world and are reaping the benefits of all kinds of marketing. This acceptance by firm management is in great part due to an increased appreciation of analytics, made possible by digital marketing and social media.
The Business of Legal Spend: How Finance Professionals Can Drive Smarter Outside Counsel Management
Legal spend has become a core business issue that now shapes financial planning, operational decision making and risk management. What once lived primarily in the legal department has become a shared responsibility across client legal, finance, and operations teams and their outside counsel.