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Addressing Balance Sheet Issues In a Law Firm Merger
[Editor's Note: A&FP is pleased to share with readers this newly covered topic in the forthcoming ABA-published book, Anatomy of a Law Firm Merger, 3rd Edition.]
Introduction [abridged]
Due to unrecorded assets and liabilities, modified cash basis accounting provides insufficient balance sheet information for planning a law firm merger. To understand the true economic value each firm brings to the table, it is necessary to capture off-balance sheet items, as well as to ensure consistency of approach. Without this big picture, firms tend to focus on differences in one balance sheet component (eg, debt) without understanding how other factors might offset that difference.
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