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Practical and insightful articles related to law firm financial management. Learn to produce sustainable financial freedom from law firm-specific financial insights and strategies.
Cash vs. Accrual Accounting for Law Firms: What Each Method Shows You (and What It Hides) Most law firm owners never chose how their books get kept. A bookkeeper, a prior accountant, or the default...
Succession Planning for Law Firm Owners: What Your Practice Is Worth (and How to Protect It) You can probably tell me your firm’s revenue down to the dollar. Ask what the firm itself is worth...
Retirement Plan Options for Law Firm Owners: SEP IRA vs. Solo 401(k) vs. Cash Balance Plan Most law firm owners already have a retirement account. Far fewer have the right one. The difference between...
Are You Paying Yourself Enough? What “Reasonable Compensation” Really Means for Law Firm Owners If your firm is taxed as an S-corporation, you already know the basic structure: pay...
What the One Big Beautiful Bill Act Means for Your Law Firm’s Tax Strategy For the last two years, tax advisors have been telling business owners the same thing: several major deductions from...
Understanding Your Law Firm’s Financial Statements: What the Numbers Are Really Telling You Most law firm owners can tell you last month’s revenue without checking a single document. Far...
IOLTA Reconciliation Requirements: A Practical Guide for Law Firms Knowing that trust accounting mistakes put a firm’s license at risk is one thing. Knowing exactly how to reconcile a trust...
Most law firm owners can say, without checking a single report, roughly how much revenue the firm brought in last month. Far fewer can say, with the same confidence, what their realization rate was...
A law firm can be growing by every visible measure – more clients, more matters, a fuller calendar – and still run short on cash by the fifteenth of the month. That isn’t a...