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Improving Your Internal Controls to Protect the Firm's (and Your Clients') Money

By Neil F. Scullion

Managing partners of law firms should ensure that there is an appropriate structure of internal controls in place at their firms to protect their firms and clients against fraud. With the economy in a recession, cases of employee fraud are on the rise, and in many instances better controls and more oversight are needed.

Smaller law firms often have more reason to worry, as they may not have enough people in their accounting departments to adopt sufficient segregation of duties. This, combined with inadequate screening of new hires, less management time for oversight, and blind trust for long-term, valued employees, increases a firm's vulnerability to employee theft.

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