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Associate Break-Even: A Matter of Perspective
In my role as a consultant, I work with clients who wish to make critical business decisions but sometimes suspect the reliability of their internally generated numbers. Last month, Ed Wesemann wrote about just such a situation, when he referred to the common belief that associates do not make money in their first 3 years. Intuitively, this does not make sense to many law firm managers, yet their reports often support this contention.
Cash-Based vs. Accrual Accounting
The issue is a matter of perspective ' accounting perspective. Years ago, professional services firms were granted permission to report income on a modified cash basis, and for tax reasons most firms took that option. The misperception of associates not breaking even until their fourth year is less a matter of cost accounting and more an issue of using tax-based accounting for management decisions. Table 1 below illustrates this point.
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