Law school may have taught you how to be a great lawyer but it didn’t teach you how to evaluate and understand your financials. Why is this important?
Overwhelm is the #1 reason I’ve seen law firms not have a strategic plan, or even think about developing a strategic plan. They don’t know where to start, so they don’t start at all.
Let’s face it, you went to law school to practice law, not to do accounting. Accounting for law firms can seem overwhelming and time consuming. Actual it is both of those, but it’s a requirement and there are standards to follow if you want to keep your license and ability to practice law.