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managing the finances of your practice

Taking an active role in managing the finances of your practice is key to building a successful law practice. Foresight, active planning, appropriate internal controls, and an ongoing review of current finances are critical if your practice is to be successful and profitable. This booklet reviews the steps you can take to better manage the finances of your practice, and touches briefly on some of the longer-term financial planning issues involved in winding up a law practice.

managing the finances of your practice Booklet

Precedent documents

As a supplement to this booklet, practicePRO has created a business plan, a sample budget, an associate agreement, and sample retainer agreements.

Building for Success

   

Find out what lawyers have to say about managing their practice finances. Learn how to avoid bankruptcy, and how to ensure you're fulfilling regulatory and filing requirements. The March 2003 issue of LAWPRO magazine focuses on the financial aspects of practice management, as seen through the eyes of lawyers.

  • Common pitfalls & best practices for starting practice and leaving practice by Margaret Dickie. Download this article (size 255 KB)
  • Dealing with the Dollars: Why financial plannning and management are as important as lawyering. Download this article (size 520 KB)
  • Avoiding Financial Difficulty: business essentials for lawyers by Stanley J. Kershman. Download this article (size 240 KB)

Other Resources

  • practicePRO Lending Library
    View books from the 'Billing and Financial Management' titles of our library.
  • Other LAWPRO articles on financial management
    Click here to see a complete list of articles on practice finances.
Lawpro Magazine 2(1), March 2003


 

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