Financing a Law Firm
The Law Firm Finance section of FindLaw's Law Firm Management Center provides free resources related to financial issues encountered by solo and small law firm practices. Business issues such as Finance Basics, Legal Funding, Loans and Credit Cards, How to Price Legal Services, and Closing Business are vital to the long-term success of your law firm. Finance is the engine that propels business. As a small business owner, you need to understand financial issues well enough to make informed decisions that impact your law practice. Browse, read, and share FindLaw's collection of articles, tips, and lists that focus on Law Firm Finance.
Learn More About Financing a Law Firm
Pricing Legal Services
Setting fees for legal services is obviously a major issue to consider, not only when establishing your practice, but throughout the life of your law firm. There are various ways to price your fees.Financing Basics: Do You Have Enough Business Capital
While poor management is cited most frequently as the reason businesses fail, inadequate or ill-timed financing is a close second. Whether you're starting a business or expanding one, sufficient ready capital is essential.
What Attorneys Should Know About Accepting Credit Cards
Figuring out how best to accept credit card payments from your clients can be a daunting (and intimidating) process. From deciphering all the techno-babble about complicated fee structures and minimums to choosing an account that gives you the maximum amount of control over your money - you'll be swimming in murky water at the best of times (and you've got to watch out for sharks).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.
What Lawyers Don't Get About Finance
There are two kinds of people in the world, says finance expert Tom E. Greene: word people and number people. Most lawyers fall into the first group, which explains why they either panic or gloss over when faced with financial concepts in litigation.
See also:What is a Balance Sheet?
The balance sheet is a snapshot of the company's financial standing at an instant in time.
While every business has a bank, few have a banker. That's because bankers are too often seen as obstacles standing between an entrepreneur and the bank's vault. "You don't do business with an institution. You do business with people. When you get a banker who believes in you, you can accomplish incredible things," counsels Debbi Fields, founder and chair of the board of Mrs. Fields' Cookies.
Setting fees for legal services is obviously a major issue to consider, not only when establishing your practice, but throughout the life of your law firm. There are various ways to price your fees. Some methods require heavy calculations, while others simply require you to survey the market to help determine your fees.
After calculating how much your small law practice needs to make a profit and your reasonable hourly rate, you are ready to consider the available pricing options. There are various ways to price your legal services. This article discusses hourly pricing.
After calculating how much your small law practice needs to make a profit and your reasonable hourly rate, you are ready to consider the available pricing options. There are various ways to price your legal services. This article discusses contingency pricing.
Attorney Inefficiencies that Leave Clients with High Costs