As a Law Firm owner, you’ll likely dedicate most of your energy to your legal services – such as preparing your clients for court, dealing with paperwork, and offering legal counsel. And while these services are the reason you launched the firm in the first place, it’s essential that you do not disregard the other responsibilities that come alongside running a firm such as law firm accounting.
When you take the leap and move from lawyer to law firm owner – your responsibilities shift slightly. The main reason for this is simply the fact that your law firm is a business – and you must treat it as such. This means that in addition to legal duties, you’ve also got to think about the wider picture and approach situations as a business manager, not merely a lawyer. For example, while you may have previously left administrative tasks and financial planning to other members of your team – you are now the responsible party when it comes to this kind of work.
As a result, if you want to grow your law firm in 2022, it’s time that you start approaching these tasks with the same amount of time and consideration as you would a court case. This is particularly important when handling your finances – as setting up and managing good accounting foundations is the backbone of any business.