Our professional services industry group advises several law firms, as well as solo practitioners. Consistent with other client concentrations that we serve, law firms have their own financial and operational complexities. Tracking financial performance for law firms can be accomplished using the cash, accrual or other comprehensive basis of accounting. Irrespective of the method of accounting used, operational success is often gauged by a positive cash flow. While firm size can vary — from the small solo practitioner to the large corporate firm with several hundred attorneys and offices from coast to coast — we appreciate that billing rates, compensation levels and chargeable hours are areas of concern for all law firms.
With our familiarity with the various ratios that are valuable year-end performance indicators for law firms, we interact with management as issues surface throughout the year. Drawing on years of experience in accounting, audit and tax issues impacting law firms, we provide guidance for swift resolution as issues are encountered.