April 02, 2019

LAW PRACTICE MANAGEMENT: Improving and Managing Cash Flow

Allison C. Shields

Good cash flow management means managing payments and collections to increase control, reduce costs, and maximize the use of your money. Reviewing your cash flow can reveal a lot about the financial health of your firm, including: (1) the profitability of the firm as a whole or of a particular practice area, client, or matter; (2) the firm’s overall rate of return; (3) problems with a firm’s liquidity; and (4) the financial risks associated with a new practice area or other initiative.

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