Over the last 20 years I’ve worked with many law firms and advised managing partners in varying areas of finance and strategy. One similarity I’ve noted across most of my experiences is that the attorneys don’t have formal accounting and finance training. But then again, why would they?
Even when relying on others, firm leaders cannot delegate financial responsibilities entirely. Not only are there non-delegable compliance requirements, especially around trust accounting, but as an owner/manager of the firm, these individuals are accountable to all stakeholders to ensure the firm remains healthy.
