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Accounting and Financial Planning for Law FirmsKickerFeaturesTopicsLaw Firm ManagementSectionsNewsLJN Newsletters

Reporting on the State of the Firm

By Joel A. Rose
December 27, 2007

In recent years the legal profession has witnessed an increasing number of dissolutions, split-offs, and mergers among law firms everywhere, and the trend does not appear to be diminishing. More often than not, the underlying factors involve the economics of the practice, and chief among the issues being raised by this activity is what do lawyers actually know about the firms' record-keeping, systems, quality of work performance, and financial stability.

Partners should have access to information about their firms, and it is incumbent upon the individuals to request the information. We further assert that law firm management is: 1) obligated to provide this information, and perhaps more important, 2) responsible for overseeing and evaluating current operations and policy, and determining an appropriate course of action to ensure the firm's viability.

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