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Accounting and Financial Planning for Law FirmsLJN NewslettersNewsSections

Minding Your Business

By Susan C. Finelli

In today's economic climate, it is essential for law firms to pull away the opaque financial veil, and keep a razor-sharp eye on the bottom line. Transparency is the buzzword of the political arena, and it must also apply to the business of law. Gone are the days when law firms were able to throw money at a problem and carry on, business as usual. To remain competitive, it is important for law firms to peel away the financial layers of their businesses, identify potential problems, forecast future revenues, and manage their financial health.

Before taking any journey, you must first know where you are going, and how you plan to get there. The first step on the journey to law firm financial health begins with understanding law firm finances, a firm's road map to success. Mapping out your firm's financial plan may seem daunting at first, but once you start, you will begin to have a better understanding of the inner workings of your business, and will be able to project into the future.

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