Year-End Financial Tips for Law Firms: Part 3
Phantom income is a concept that can complicate year-end financial planning for law firms. It refers to taxable income reported by a firm without a corresponding cash outflow to owners. For law firm partners, this can mean owing taxes on income they haven’t yet received in cash, affecting both the partners’ personal finances and the firm’s overall financial stability.
Year-End Financial Tips for Law Firms: Part 2
Phantom income is a concept that can complicate year-end financial planning for law firms. It refers to taxable income reported by a firm without a corresponding cash outflow to owners. For law firm partners, this can mean owing taxes on income they haven’t yet received in cash, affecting both the partners’ personal finances and the firm’s overall financial stability.
Year-End Financial Tips for Law Firms: Part 1
As the end of the year approaches, one of the most crucial aspects for law firms is accurately projecting income and cash flow. This step not only sets the stage for sound financial management but also directly impacts partner compensation by providing a clear view of expected earnings.
6 Questions to Get the Most From Your Finance and Accounting Department
Six questions that managing partners, executive committees and the like should ask themselves to ensure they can get the most from their team to help successfully run the business.
Strategic Guidance for Managing Partners: Cash Management for Law Firms
Law Firms need to be earning interest on idle cash
Budget Season 2023: Tips For Preparing and Learning From Your 2024 Budget
Your budget should align with your Firm’s strategic goals. Even if you don’t have a big bow on your strategy or like most, just have a general idea of what you would like to do in the coming year, you can still benefit from a well prepared budget.
Strategic Guidance for Managing Partners: A Framework for Finance and Accounting Department Oversight
While usually not financial experts, Managing Partners of small and mid-sized law firms still need to be able to set expectations of their finance and accounting team.
Improve Processes Using the Deming Loop
I’ve never been in an accounting department that didn’t need some type of improvement. It’s just evolution, even well run processes need tweaks over time.
Presentation: Getting the Most Out of Your Finance Function
Derek Barto conducts an insightful conversation discussing how law firms generate reliable and timely information to better run their businesses. In this presentation you will discover how to consistently access your Firm’s financial data and learn strategies to manage the processes involved.
Improve Processes Using OPI
It may feel a little unnatural but understanding and visualizing your desired results will allow you to design your procedures to ensure you get clear measurable information out of your processes. This is key to constant improvement.
