This paper discusses how accounting and financial trends affect the management of law firms.
Written in 2009; 2,269 words; 5 sources; APA; $ 70.95
Paper Summary:
In this article, the writer notes that the recent advancement of technology and the globalization and expansion of law firms have made it necessary for attorneys and staff members to be more aware of how accounting affects the operation and management of the firm. The writer discusses that when partners, associates and staff members are supplied with varying degrees of financial information and have a comprehension of the basic economic concepts utilized in making financial decisions, the firm can make gains in employee and attorney satisfaction and productivity. Understanding structural and strategic developments within the firm, as well as the ethical issues that can arise, can help managers and accountants to better plan for the firm's financial future. The writer concludes that attorneys that take the time to improve their accounting skills will benefit greatly in understanding the financial documents and reports of their firms.
Outline:
Financial Trends
Choice of Entity
Key Performance Indicators
Measuring Profitability
Increasing Profitability
Changes in the Industry
Ethical Considerations
Conclusion
From the Paper:
"This indicator is very valuable when tracking a firm's performance, as it is used to calculate net income. For example, an attorney may work forty hours in one week, but only have thirty billable hours; the difference being the attorney's gross production for the week.
"Since partners and managers often spend a lot of time performing administrative and human resource related tasks, many firms allow these individuals to set their own billable requirements. Similarly, for associate attorneys, the most recent trend is performance based compensation, also known as benchmark compensation, a method which also considers non-billable time, write-offs and rate of collection, rather than strictly focusing on billable hours."
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