Law firm finance is the focus of the focus of the November/December 2015 issue of Law Practice Magazine. The cover story is the Seven Deadly Sins of Succession Planning by Peter A. Giuliani. Succession planning is a crucial topic for law firm administration.
Financial Decisions: The Heart and Soul of Law Firms is the title of my Practice Management Advice column in this issue. Individual lawyers in the law firm often identify their firm as a certain type of firm. Sometimes this relates to practice focus or geographical location. Other times lawyers referred to their firm as “family-friendly” or “community-oriented.” The thrust of this article is that one can determine what the focus of a law firm is by looking at its financial focus. A community-oriented firm should actually be involved in its community, apart from paying a few sponsorship fees for local events. If you want your law firm to be focused in a certain direction, then looking at your budget may be the best way to determine your future direction.
There are lots of great articles on law firm finance in this issue of Law Practice magazine.