Powerful Partnerships: For Administrators, Bankers Are Critical Cash Management Allies

Published October 1, 2009

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Once billable work is turned into collected cash, it generally falls to the law firm administrator to manage the cash flow process and to keep the firm functioning as a business organization. This is a hands-on process that requires the administrator’s individual focus and expertise. Today’s financial information systems and software can and do produce extensive and detailed financial information /data, but they cannot adequately handle the cash management process by themselves.

Administrators, however, are not alone in handling the process, because they can turn to experienced allies – provided they are adequately prepared to do so. Those allies are your firms’ bankers, and your preparation should encompass understanding what bankers can do – and how you can get them to work with you in doing it.

Categorized in: Coaching, Financial and Cash Flow Management, Management

Audience type: Administrators, Large Law Firms, Small Law Firms