Top resource picks for managing debt in your small law firm!
Experiencing debt in your small law firm? These great resources can help!
1. 6 Ways to Dig Out of Debt
With lenders tightening the reins on borrowers and prices for everything from materials to health care on the rise, many small-business owners are straining under the weight of growing debt. Follow this article’s suggestions to help climb out of debt and avoid filing for bankruptcy.
2. Law Firm Debt: Will We Ever Learn?
A typical firm is likely to have a reasonably healthy balance sheet, but it still might not be well prepared for the future. It is important to consider liquidity. Cash is your firm’s lifeline during stressful fiscal situations. Use the advice from legal finance expert James D. Cotterman to make sure your firm is prepared for every situation.
3. Money Management: 8 Tips to Benefit Your Solo Law Firm’s Bottom Line
Starting a solo firm is a nerve-racking process. Your financial status is never far from your thoughts and finances often spawn worrying questions that can keep a solo attorney up at night. Follow these great money management tips and avoid being surprised when you look at your bank account balance.
4. Solo and Small Law Firm Accounting Issues
There is no one way for law firms to manage their books, and as a result, many manage their accounts differently. Regardless of which method you choose, there are a few accounting and financial management problems common to all law firms. Therefore, before you hang your shingle, carefully consider and address these accounting issues.
5. Money Management 101
Money management is the key to improving or maintaining your financial situation. Each of us has our own particular relationship to money. Some want to spend as much of it as possible. Others prefer to live simply on minimal resources. No matter what you want your money to do for you, learning the basics of money management will help you make it happen.
6. Managing Cash Flow Peaks and Valleys in a Solo Law Practice
One of the biggest realities of being a self-employed lawyer is gaining the privilege of professional freedom while giving up the financial consistency of a paycheck. In this article, solo lawyer Joleena Louis discusses how cash flows are not always consistent in her solo practice, but she uses several strategies to manage tough times.
7. Financing a Law Practice
At the beginning of the twentieth century, a small office with a desk and a few legal pads and pens were all you needed to open a practice. Now, as technology continues to drive up the costs of being a competent practitioner, the investment needed to start up a firm has grown incredibly. This author provides his take on some financial options that solo practitioners and small firms may consider.