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This book covers topics such as fundamentals of law firm financial information, with easy-to-understand examples of the data involved and financial management concepts.
Law Firm Accounting and Financial Management is an essential resource for law firm leaders offers practical guidance to manage your firm’s financial operations effectively. This comprehensive edition covers the latest strategies in financial management, tax planning, and accounting, specifically tailored for law firms. It provides clear explanations and illustrative exhibits, making complex topics accessible even for those without accounting experience. The book addresses key aspects of law firm financial information, including profitability analysis, budgeting, and long-range planning, all supported by real-world examples. It also delves into more advanced financial concepts such as profit center accounting, project management, and organizing the finance function within the unique environment of a law firm. Tax planning and reporting are thoroughly discussed, with a focus on compliance, retirement plans, and pension considerations. In addition, it covers important topics related to law firm structures, especially for multinational firms, and explores the challenges posed by cross-border practices. Advanced topics like managing risk, pricing strategies, benchmarking, and M&A accounting are also included, along with strategies for successful mergers and capital financing. This resource is invaluable for those seeking to enhance financial decision-making, improve operational efficiency, and navigate the complexities of law firm management.
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Lawrence E. Ballard is a Partner at PwC and serves in the role of the US Law Firm Services Leader. PwC’s U.S. Law Firm Services practice serves more than 50% of the largest US Law Firms nationally and globally. In his role, he works closely with US and Global law firms to meet their strategic and business needs through the delivery of tax, assurance and advisory services. He advises his clients in several areas including financial reporting, governance and internal controls, strategy, finance effectiveness, and mergers and acquisitions. In addition, he has been a frequent speaker at conferences and events on various topics that are critical to managing a successful law firm.
Lawrence has more than 25 years of experience providing assurance, reporting and advisory services to clients across various industries including law firms, consumer product and retail, logistics and transportation, industrial products, and hospitality.
Lawrence is a certified public accountant in the state of New York and New Jersey, and is a member of the American Institute of Certified Public Accountants (AICPA).
Carole Symonds
Carole Symonds is a Partner at PwC and also leads the US tax services for PwC's Law Firm Services practice. She brings more than 25 years of experience and has been involved in such projects as law firm mergers, international structuring, partner compensation, state & local taxes, and all aspects of law firm and partner tax compliance. She is also a featured speaker and moderator at PwC Law Firm Services conferences and events.
In addition to her work with law firms, Carole has also worked with other private companies including S corporations, other pass through entities and closely-held corporations on federal, state and international tax matters. Carole has also been with PwC’s Washington National Tax Services group in Washington D.C., consulting with clients nationally on tax accounting methods, as well as the International Tax Services practice, assisting companies in all areas of international tax planning, including transfer pricing, foreign tax credits, international structuring, check-the-box and hybrid entities, and inbound tax planning for foreign investment.
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