Why Do I Need a Budget for My Law Firm?
Everybody says you need a budget. But do you? No, not exactly. You don’t really need to have a budget in the traditional sense. What you need is a “Profit Plan.” If that sounds new to you, it’s because it’s not a real thing. We made it up. But once you understand what a profit plan is and how it differs from a budget, you’ll be able to understand why it is a better alternative to traditional budgets and budgeting.
What is the Purpose of a Balance Sheet?
You’re tasked with being both an attorney and a business owner. Your strength is the former, but you’re being placed in charge of creating, reading, and understanding a lot of documents in order to handle the latter. We often get asked by attorneys what some of these documents are and why they matter. What is the purpose of a balance sheet?
When Should I Obtain a Line of Credit?
Despite your revenue, your income, or your potential for high profits, most attorneys are also seen as big risks. That is why it is so important to make yourself “bankable” and to understand the choices you have available to you as you try to obtain the loans, lines of credit, and financial support you need.
How Do I Create a Budget?
How Do I Create a Budget for My Law Firm? Most of us understand, instinctually, the value of a budget. We get the idea that it helps to know where your money goes, how much you can spend in different parts of your business, how much you have left over, and more. But we also […]
Embracing Change and Shifting Priorities
Change is hard. Whether you are changing for great reasons (growth) or bad ones (COVID) it still means that the targets you set are constantly moving. Instead of a set it and forget it attitude, you need to be a little more on top of things – there is no autopilot for most companies right now. This […]
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