Financing Basics

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 Articles
    • 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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    • 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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    • 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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    • 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.

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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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    • 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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    • 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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    • What is Equity Capital?

      Equity capital is money  that a business receives for which the investor is given a share of ownership in the company. It is money that is invested in the company rather than loaned, so it is not considered a debt, as a loan would be. The investor in this scenario, therefore, becomes a part owner in the company.

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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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    • Jurismedia Releases Module for Interest Calculator
      Ability to compute complex refund scenarios now available through leading interest calculation software for the legal industry.

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    • CLLA Seeks Change in Outdated FDCPA Law
      During the Federal Trade Commission's recent workshop, "Collecting Consumer Debt: The Challenges of Change," The Commercial Law League of America (CLLA) made a strong statement for change to the Fair Debt Collections Practices Act (FDCPA).

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    • 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.

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