In today’s competitive legal market, even the most accomplished lawyers must have a solid understanding of financial management. Although legal knowledge is essential, poor accounting practices can lead to unstable finances and ethical violations. This blog will teach you the best law firm accounting practices and be better prepared to run a stable, compliant firm. Why Accounting Is Important for Law Firms According to the American Bar Association, 21% of law firms fail during the first three years, and 80% fail within the first five years. This number is due to many factors, but poor financial management is unquestionably one…