Financing Basics

Financing Basics Articles

• Five Ways Attorneys Waste Money

  The one thing that's predictable about litigation is that it's completely unpredictable. Even when you have a case centering on a novel question of the law, you could still find yourself dragged into a month's long dispute over service of process. In spite of these uncertainties in the process, there are still ways to make your litigation practice more efficient and better equipped to deal with the changing currents of litigation. The first step is identifying the inefficiencies. Read on to learn about five common attorney inefficiencies that can harm you and your clients.

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• Collecting Debt from Your Law Firm Clients

  Collecting debt from your law firm clients is a painful reality of doing business. However, the pain can be reduced if you institute a process and procedure for collecting debt.

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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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• 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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• 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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• Recovery of Expert Witness Fees from Your Opponent in Litigation

  In the U.S. legal system, winning a case doesn't guarantee that your expert witness fees will be paid by your opponent. However, prevailing parties often have ways to recover their expert witness fees.  

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• Law Firm Leadership and Responsibility

  Although the law business is booming, two issues implicit in successful law firm governance remain unsolved in many firms, and, in fact, have as much to do with the financial future as does the state of the economy.

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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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• 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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• 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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