stances, past history as well as performance and intended business
strategies, to name a few. Generating needs assessment and source
assessment reports creates a key balance sheet for analyzing capital.
Metric and benchmark analyses provide attainable goals firms can
strive for when compared to other firms.
Debt management at law firms is changing in light of today’s economic conditions. Lending institutions are becoming more knowledgeable of the new debt reality at law firms and have resulted in
more complex borrowing arrangements. With this in mind, financial
managers must maintain reasonable metrics in connection with debt,
i.e. debt should not exceed net fixed assets or debt-to-capital ratios
should be in line with other law firms.
In closing, Ron discussed some important considerations with
regard to working capital, mainly (a) focus on improving billing and
collection policies and practices; (b) anticipate and plan for future
needs; (c) create partner capital augmentation programs: and (d)
balance reliance on financial leverage. Amidst the backdrop of tennis
balls bouncing on the courts down below, this presentation provided
useful information for anyone attempting to help their firm become
more financially solvent with a sounder, brighter future ahead.
Ricoh generously sponsored this event which received an overall evaluation score of 3.69.
April / May 2013
Answers to CLMSM Crossword Puzzle
ABA Rules of Conduct
By Carolyn Smallwood
10. Five Years
16. Competent Representation
17. Scope of Representation
3. Rules of Professional
4. Materially Adverse
5. Reasonable Diligence
6. A Public Office
8. A Political Contribution
9. Reasonable Efforts
12. Third-party Neutral
13. Informed Consent
14. Prospective Client
Table of Contents for the Digital Edition of Leadership Exchange - April/May 2013