Law Practice
May 10, 2011
Turning Up the Turbo Boost: Manipulation of Modified Cash Basis Accounting in Law Firms
Don't drive blind. Know your firm's financial reporting practices. By Edwin B. Reeser and James B. Hunt
THIRD IN A FOUR-PART SERIES: This continues part two, which appeared on Friday.Consider a firm with 600 lawyers, comprised of 150 equity partners, 150 contract attorneys, 300 associates plus support staff. The firm has budgeted $500 million annual gross receipts, and a 30 percent margin ($150 million) for the equity partners. As at Dec. 28, a $10 million revenue shortfall to $140 million (2 percent) is forecast, a 6.67 per...
For only $95 a month (the price of 2 article purchases)
Receive unlimited article access and full access to our archives,
Daily Appellate Report, award winning columns, and our
Verdicts and Settlements.
Or
$795 for an entire year!
Or access this article for $45
(Purchase provides 7-day access to this article. Printing, posting or downloading is not allowed.)
Already a subscriber?
Sign In