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Accounting and Financial Planning for Law Firms

May 2025
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Features

From Good to Great: How Law Firms Achieve Best-in-Class Profitability Image

From Good to Great: How Law Firms Achieve Best-in-Class Profitability

Gary Allen

What makes a law firm a best-in-class financial performer — and how to make my own practice more successful and enjoyable? This article provides simple principles any small to midsize law firm can use to improve performance.

Features

The Legal Industry’s Next Competitive Advantage: Reinventing the Revenue Cycle with Invoice-to-Cash Image

The Legal Industry’s Next Competitive Advantage: Reinventing the Revenue Cycle with Invoice-to-Cash

Sumit Garg

Billing and collections are the engine of a law firm’s financial health, yet at many firms, this core process remains fragmented, opaque, and manual. In a profession built on trust, precision and performance, the invoice-to-cash cycle is lagging far behind — and the cost of inaction is growing.

Features

Is Your Mailroom Keeping Up with the Increased Complexity of Taxes and Tariffs? Image

Is Your Mailroom Keeping Up with the Increased Complexity of Taxes and Tariffs?

Anthony Davies

For law firms, the global shipping of servers and IT hardware is not just a logistical task — it’s a critical component of operational continuity and client service. A single oversight in documentation could delay sensitive shipments, compromise remote attorney onboarding, or interrupt court deadlines reliant on secure data transfer and IT setup. Here’s more detail on the evolving complexity and some key solutions.

Features

Nosy, Daring and Unguarded: The Case for a More Conversational Practice of Law Image

Nosy, Daring and Unguarded: The Case for a More Conversational Practice of Law

Rachel M. Lary & Amber N. Thompson

When first practicing law, most lawyers think they need to sound like a lawyer. Not just any lawyer, but the kind of lawyer who uses words like "heretofore" and "whereas" in casual conversation. But somewhere between their first set of discovery requests and their hundredth client meeting, good lawyers often reach the same conclusion: no one actually likes talking to a lawyer who sounds like a lawyer.

Features

The Am Law 100: ‘Flexible’ Compensation Systems Lead to Strong Performance Image

The Am Law 100: ‘Flexible’ Compensation Systems Lead to Strong Performance

Andrew Maloney

Big Law firms have stepped into a whole different world of partner compensation in the last year, by stretching their spreads, increasing bonus pools, moving to “black box” systems, adding nonequity tiers, and implementing “super” points, among other changes.

Features

Gen AI Unlikely to Bring Down Law Firm Rates Image

Gen AI Unlikely to Bring Down Law Firm Rates

Benjamin Joyner

Clients may hold out hope that the adoption of generative AI tools will bring down the rates they pay outside counsel, but a recent survey suggests they shouldn’t hold their breath.

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