Reprinted/posted with the permission of The Daily Journal Corp (2011)
The maximization of the short-term result at the expense and destabilization of the entity for the long-term future is an important feature in the current crisis affecting large law firms.
Strong financial cores help to keep a firm flexible in its responses by providing the time necessary to enable positive change. Without adequate time, the right ideas cannot be implemented, even if you come up with them, to save the firm. Time and cash are inextricably intertwined. Law firms do not go out of business because they run out of profits. They go out of business because they run out of cash.
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