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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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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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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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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Learn about five attorney inefficiencies that can leave clients with high costs.
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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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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.
- 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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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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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.