Documents have a distinct lifecycle. They move from being online (production) to near line (easily recoverable) to offline (archived). Knowing what to keep and for how long can be tricky business for law firms.
While it’s important to be able to produce critical documents when they’re needed, maintaining a file longer than necessary can cause trouble. Suppose a client follows standard document retention procedures and disposes of a set of documents. If the law firm retains related documents beyond that retention schedule, those documents then become discoverable in a legal matter.
The key is to develop document retention and destruction procedures that protect your interests as well as those of your clients.
For most attorneys, turning away business is a hard call to make. But the truth is that not all clients are worth having. Unreasonable and over-demanding clients can be costly — they detract from your profitability, productivity and peace of mind.
An unsettling number of disciplinary actions against law firms are based on this simple fact: Somehow, an attorney has mismanaged a client’s funds or property.
For valuation professionals, there’s never a shortage of interesting court cases to learn from. Here are two recent cases that shed light on the key concepts of tax affecting and loss of value.
Attorneys are often surprised that even with revenue coming in, they can still come up short on cash. Problems occur because cash coming in often lags cash going out. Profits may be reported, yet the practice still experiences a short-term cash shortfall.
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