For many small practices, the billing problem is not a shortage of work. It is the gap between completing the work and turning it into an accurate invoice that reaches the client. Time is recorded late. Draft bills wait for approval. Disbursements are missed. Completed matters remain in WIP longer than they should. A stronger…
A law firm can be profitable on paper and still feel short of cash every month. That apparent contradiction is familiar to many Managing Partners. The firm is busy, fee earners are billing and the management accounts show a healthy profit. Yet salaries, tax, supplier payments and partner drawings still create pressure on the bank…
For many law firms, the annual accountant’s report has traditionally been a contained compliance exercise. Since a 2014 rule change, only qualified reports have needed to be submitted to the SRA — an unqualified report would generally remain on file rather than being sent to the regulator. That position is now changing, and it has…
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