Create stability with your capital plan – Why the need for capital matters

Description

Abstract: Every law firm requires a different amount of capital to support its daily operations. So it’s important for you to determine how much is enough. Law firms may require larger partner capital contributions to offset gaps in cash flow due to expenses, law firm billing and collections. This article discusses how law firms can determine their expenses and create a business plan, and explains four basic options for determining the specific amount of capital a firm needs to keep on hand.