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Have you ever heard the term “cash is king”? This refers to the importance of cash flow in the overall fiscal health of a business. For small and solo law firms, cash flow is the lifeblood of running the firm. Positive cash flow allows you to:
Cash flow management in small and solo law firms can be particularly challenging. You need to account for the time lag between cash going out and cash coming in. This requires financial and management discipline, strong internal policies and procedures for billing and collection policies, planning and attention to detail.
Most lawyers just want to practice law. While in law school, lawyers never thought they would have to be the CEO of their own practice requiring them to undertake accounting and administrative tasks. Hey, you are running a business!
It doesn't take much in a professional service business to hit a cash flow drought. The following are a few factors that may contribute to cash flow drying up:
There are common themes seen when a cash flow drought is experienced: poor firm culture, lack of discipline, poor organizational skills, little structure and no consistency in applying policies.
The solution is to be proactive. There are several strategies that you can implement to prevent a cash flow drought from occurring and will hopefully enable you to accumulate that rainy day fund.
Firm culture. How do you want your staff, clients and professional network to perceive your firm? Establishing a strong firm culture that emphasizes the importance and value of client service, along with the significance of timely billing and collections will enable your firm to deliver first-rate service to clients and ensure staff has a clear understanding of firm goals. Top management sets the tone; you need to lead by example.
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