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Law Firm Accounting and Financial Management (Sixth Edition)

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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.

Accounting experience not required! Whether you are a partner, an executive director, or a law firm CFO, Law Firm Accounting and Financial Management helps you manage your law firm effectively.

Featuring lucid explanations and illustrative exhibits, the new edition — the most comprehensive and detailed version to date — discusses the latest management, tax planning and accounting strategies for law firms; new information reporting requirements; and special issues affecting multinational firms.

Topics covered include: fundamentals of law firm financial information, with easy-to-understand examples of the data involved; financial management concepts, such as profitability analysis, profit center accounting, budgeting, long range planning, project management and organizing the finance function within the law firm environment; tax planning and reporting, with discussion of compliance, retirement and pension plans; law firm structures, with discussion of the use of umbrella structures by multinational law firms and the issues raised by cross-border practices; and advanced accounting and financial considerations for law firm management.

Advanced topics include: managing risk; pricing strategies, management information reporting; benchmarking; property acquisition; M&A accounting and strategies for successful mergers; capital structures and financing; the uniform task-based management system; and partner compensation.

Book #00602; casebound, one volume, 1,104 pages; updated as needed. ISBN: 978-1-58852-041-8

Additional Information
Division Name Law Journal Press
Volumes 1
Product Types Books
Brand Law Journal Press
Jurisdiction National
ISBN 978-1-58852-404-1
Page Count 0
Edition 6
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Preface to Sixth Edition

Section I
Fundamental Accounting for Law Firms

Chapter 1:
Financial Reporting Concepts

§ 1.01 Objectives of Law Firm Financial Statements
§ 1.02 Basic Financial Statements
§ 1.03 Partnership vs. Professional Corporation
§ 1.04 Accrual Basis vs. Cash Basis
§ 1.05 External vs. Internal Reports
§ 1.06 Net Income vs. Distributable Income

Chapter 2:
Cash Basis Financial Statements

§ 2.01 Modified Cash Basis Accounting for Law Firms
§ 2.02 Partnership Financial Statements (Modified Cash Basis)
[1] Statement of Net Assets
[2] Statement of Revenues and Expenses and Statement of Changes in Partners’ Accounts
[3] Statement of Cash Flows
§ 2.03 Typical Disclosures in Notes to Financial Statements
[1] Brief Description of the Law Firm’s Operations
[2] Significant Accounting Policies
[3] Commitments to Former Partners
[4] Bank and Other Borrowing Arrangements
[5] Lease Commitments
[6] Retirement Plans
[7] Segregated Assets Belonging to Others
§ 2.04 Additional Financial Analysis Schedules
§ 2.05 Professional Corporation Financial Statements (Modified Cash Basis)
[1] Statement of Net Assets
[2] Statement of Revenues and Expenses and Statement of Changes in Shareholders’ Equity
[3] Statement of Cash Flows

Chapter 3:
Accrual Basis Financial Statements

§ 3.01 Accrual Basis Accounting for Law Firms
§ 3.02 Partnership Financial Statements (Accrual Basis)
[1] Balance Sheet
[2] Statement of Income and Statement of Changes in Partners’ Accounts
[3] Statement of Cash Flows
[4] Notes to Financial Statements
§ 3.03 Reconciliation of Accrual Basis Statements with Modified Cash Basis Statements
[1] Asset Adjustments
[2] Liability Adjustments
[3] Capital Adjustments
§ 3.04 Professional Corporation Financial Statements (Accrual Basis)
[1] Balance Sheet
[2] Statement of Income and Statement of Changes in Shareholders’ Equity
[3] Statement of Cash Flows
[4] Notes to Financial Statements

Chapter 4:
Revenue and Expenses

§ 4.01 Net Income of a Law Firm
§ 4.02 Fee Revenue
[1] Recording Time Charges
[2] Billing Clients
[3] Collecting Fees
§ 4.03 Compensation Costs
[1] Associates’ Compensation
[2] Administrative Staff Salaries
[3] Fringe Benefits and Other Employee Costs
§ 4.04 Operating Expenses
[1] Occupancy Costs
[2] Office Operating Expenses
[3] Professional Activities
[4] General Business Expenses
[5] Payments to Former Partners
§ 4.05 Cost Recoveries

Chapter 5:
Assets and Liabilities

§ 5.01 Net Assets of a Law Firm
§ 5.02 Fees Receivable and Unbilled Fees
§ 5.03 Client Disbursements Receivable
§ 5.04 Cash and Short-Term Investments
§ 5.05 Property and Equipment
§ 5.06 Liabilities

Chapter 6:
Partners’ Accounts

§ 6.01 Law Firm Partnership Agreements
§ 6.02 Composition of Partners’ Accounts
§ 6.03 Allocation of Partners’ Income
§ 6.04 Partners’ Current Accounts
§ 6.05 Partners’ Capital Accounts

Chapter 7:
Internal Controls

§ 7.01 Recent Evolution of Internal Control
§ 7.02 Internal Control for Law Firms
§ 7.03 A Closer Look at the Five COSO Framework Components and 17 Principles
§ 7.04 Considerations During the Internal Control Design Phase
§ 7.05 Control Objectives and Financial Statement Assertions
§ 7.06 The Importance of Segregation of Duties
§ 7.07 Significant Financial Internal Control Cycles at Law Firms
[1] Cash Collections Cycle
[2] Cash Disbursement Cycle
[3] Payroll Cycle
[4] Partners’ Capital Cycle
[5] Financial Reporting Cycle
§ 7.08 Other Internal Control Considerations
[1] Information Technology General Controls
[2] Business Performance Reviews
[3] Budgetary Control
[4] Organization Control
[5] Insurance
[6] Independence—Insider Trading
§ 7.09 Conclusion

Section II
Financial Management Concepts for Law Firms

Chapter 8:
Business Concepts

§ 8.01 Law Firm Profitability: An Overview
§ 8.02 Revenue Factors
[1] Chargeable Hours
[2] Billing Rates
[3] Realizations
§ 8.03 Expense Factors
[1] Timekeeper Compensation
[2] Direct Practice Support Expenses
[3] Indirect Expenses
§ 8.04 Leverage of Lawyers
§ 8.05 Components of the Profitability Calculation

Chapter 9:
Employing Project Management in the Law Firm

§ 9.01 Introduction
§ 9.02 Benefits of Project Management
§ 9.03 What is Project Management?
§ 9.04 Who are the Key Players in Project Management?
§ 9.05 Establishing a Project Management Roadmap
[1] Processes
[2] Organizational Structure
[3] People
[4] Strategies
David E. Gaulin
David Gaulin is a CPA and MBA, and the lead Accounting and Business Advisory Services partner of PricewaterhouseCoopers LLPs Law Firm Accounting Service Practice.
Stanley Kolodziejczak

Stanley Kolodziejczak, CPA, JD, LLM is the leader of PricewaterhouseCoopers LLP_x0019_s Law Firm Tax Service Practice.

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