This is FindLaw's Law Firm Management Center's collection of free articles related to Finance Basics, which includes issues like cash vs. accrual accounting and debt collection. Lawyers may not make good accountants, but they should understand the basics of law firm finance if they are running their own firm. Start your research with FindLaw.
Financing Basics
Financing A Law Firm
Financing Basics Articles
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Five Ways Attorneys Waste Money
The one thing that's predictable about litigation is that it's completely unpredictable. Even when you have a case centering on a novel question of the law, you could still find yourself dragged into a month's long dispute over service of process. In spite of these uncertainties in the process, there are still ways to make your litigation practice more efficient and better equipped to deal with the changing currents of litigation. The first step is identifying the inefficiencies. Read on to learn about five common attorney inefficiencies that can harm you and your clients.
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Financial Management in a Contingent Fee Practice
This article illustrates how borrowing funds and converting non-deductible litigation expenses into tax deductible expenses has the cumulative dual benefits of creating a larger pool of funds for law firm investment in litigation costs, growth and partner distributions, and reducing the firm's net cost of using borrowed funds.
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Solo and Small Law Firm Accounting Issues
There are two primary types of accounting methods: accrual and cash accounting. Regardless of which method you choose, there are a few accounting and financial management problems common to both methods. Therefore, before you hang up your shingle, you should carefully consider and address these issues.
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What is a Balance Sheet?
The balance sheet is a statement of an organization's financial condition on a given date. It is a crucial tool for you and others to understand the value of your company and the state of its financial health. Find out more about the various sections that make up a balance sheet.
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The Dollars and Sense of Small Business Ownership
Starting a business can be daunting, particularly for attorneys whose strengths tend to lie in legal analysis, not accounting or finance. Researching what it takes, monetarily speaking, to start and run a small business, may read like a foreign language to an attorney. Here are some of the basic financial concepts to understand before embarking on the path of running your own law firm.
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Financing Basics: Do You Have Enough Business Capital?
Sufficient capital is essential for a successful business, as is having the understanding of how to manage it properly. To avoid missteps, there are several key considerations every business owner should reflect upon before seeking financing.
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Lawyers: Accepting Credit Card Payments Via Smartphone or Tablet
With mobile credit card processing through your smartphone or tablet, it's easier than ever to get your legal fees paid by credit card.
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Ponzi Schemes Continue to Thrive: 10 Signs an Investment May Be Too Good to Be True
Investors need to beware of Ponzi schemes and exercise their own due diligence to make sure they're not caught up in a "too good to be true" financial fraud.
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Self-Employed Business Owner Tax Strategies
If you're one of the 20 million self-employed in the United States, you'll need to pay your own FICA taxes and take charge of your own retirement plan, among other things.