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Accounting and Financial Planning for Law FirmsKickerFeaturesTopicsLaw Firm ManagementSectionsNewsLJN Newsletters

Unsound Management Lowers a Firm's Income

By Joel A. Rose
December 20, 2010

Too many lawyers in private practice are frustrated as they attempt to achieve both their personal and professional objectives due to the absence of sound management and administration of their firms.

Many attorneys take comfort in the notion that, like the legendary shoemaker, if they work hard for their clients, the business end will take care of itself; they are too busy with client affairs to look after their own administrative and financial matters. But the primary cause of many of their problems results directly from their own doing. Many attorneys, highly trained and skilled in substantive areas of law, regard their prime mission in life to be of service to their clients. When this attitude is coupled with the belief that firm administration is a “necessary evil,” the situation often leads to the neglect of the business affairs of their law firms.

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