Since 1984, law firms have been a significant part of the Duff Kitchel clientele. We started with one litigation firm and now represent firms of various practice areas statewide. Clients include lawyers and law firms practicing in the areas of litigation, regulatory/public policy, corporate and family law. We have always been involved with the consulting aspects of managing a law firm and now act as outsource or in-house CFO for several firms. Our services for law firms and the related partners include entity planning, operations analysis, budgeting, financial planning, tax preparation and planning, computer consulting (including hardware and software) and equity buy-in and dissolution. We have either internal experience or a network of service providers for almost any financial matter related to the practice of law.
Our recent law firm experience includes:
- Assisted new owners manage the start-up process for a five shareholder law firm. Services ranged from developing and implementing internal accounting systems and cash flow projections to all aspects of securing a $1.5 million credit facility. Current accounting services include year-end and quarterly tax planning and year-end accounting records due diligence.
- Assisted with developing internal cost allocation system for a litigation firm who admitted a new shareholder with a unique financial arrangement.
- Assisted with the split-up of a four partner contingent fee litigation firm into three different law firms. Split-ups and start-ups were facilitated with one partner meeting where we identified key issues (including firm furniture and cases) and offered alternative solutions.
- Assisted a mid-size litigation firm with determining the value for a new partner buy-in. We further assisted with structuring the financial arrangement to fund buy-in.
- Implemented an internal accounting system to manage all aspects of accounting for litigation costs incurred and billed to clients.
- Assisted firm management structure and implemented a member buy-sell agreement.