The Law Is A Mid Sized Business Law Firm Based

6. Inaccurate estimates: Nearing opening cost may fluctuate rising start-up cost causing budget problems that must happen

Mary McDonald, an 86-year-old woman, was frequently complaining about the high cost of maintenance of her house and high property taxes. She decided to cancel her fire insurance to reduce expenses. Mary’s daughter was aware of her mother’s concern about the property, and she took Mary to the lawyer’s office to sign some papers that would protect her mother. When Mary came to the lawyer’s office, she was advised that the paper she was going to sign was the deed to the property. Mary signed a document. Later on, when the municipal tax bill arrived, Mary McDonald was really surprised to see that the property was in her daughter’s name.

Drew A. Senulis is an Associate Attorney with Patel Gaines. He represents clients in a broad range of complex commercial real estate litigation and transactions. Drew emphasizes that though a great number of business people may understand their industry and business procedures, some may not be wholly aware of the legal nuances that can influence their business. He also understands that a vast amount of attorneys remain inexperienced with business operations – making them less effective advocates. Drew’s focus is to close that gap for his clients by successfully combining his strong foundation of legal expertise and business experience.

Unfortunately, law is not like that anymore - if it ever was - and today's attorneys must juggle a number of different responsibilities all at once. They must act as marketers to attract new

The limited and inflexible budget is also a weakness for the organization in terms of acquiring and investing in new systems. (Laan, 2013).This is because the systems are quite costly and the organization requires an increase of the performance of all its servers as well as addition of new equipment and with the limited budget and insufficient funds allocated to the equipments, it might not be easy to accomplish that.

Melvin, S. P. (2011). The legal environment of business: A managerial approach: Theory to practice. New York, NY:

The firm takes on the most complex, high-profile criminal cases seen in the country today, along with civil litigation, probate, bankruptcy, DUI and domestic cases throughout the state. The firm maintains offices in Birmingham and Dothan and provides all clients with rigorous and sophisticated representation in a more cost-effective way than many of the larger firms.

Even though most of these expenses are not of big magnitude their value can add up and affect the company’s finances. Some of these items are accrued time for employees, bonuses, benefits, utilities, improvements and taxes. Some additional sources of working capital include; cash reserves, profits, equity loans, line of credit, and long term loans.

Our operating expenses the past few years were the following (in dollars), however they are covered by our assets.

Acting as a legal practitioner is considered a “great privilege” and “offers the opportunity to serve the community in a profoundly important way.” Lawyer’s roles as officers of the Court and administrators of justice give them a monopoly on the delivery of counselling and representation services. In order to “maintain their capacity to serve the community” , legal practitioners must accept that they are

Operating expenses for June were $377k under budget, largely due to $670k reduction in the depreciation expense resulting from a $2.2 million reduction in capital expenditures from budget. Year-to-date total operating expenses were $630k over budget. Salary expenses were $51k over budget for the month and the benefits expense for the month was $180k over budget due to an

Although commercial business litigation is perceived by many attorneys as an impassive area of law, the truth is, many of these cases are rife with emotion, especially if multiple family members are involved in a dispute. Such emotions may cause a case to drag out for months or years. In many commercial business disputes, the parties involved have dedicated years of their lives to their companies, and when an issue arises, it can quickly become heated. As a commercial business litigation attorney, you must be conscious of the emotions involved as you discuss resolutions with your clients. Although you must remain objective, you must also be perceptive to the

In review of the operating costs, overhead and administration have increased by 8% from 2008-2011 or $116,870. In addition salary dollars continue to increase from 2008-2011 by $111,150 with no efforts to flex. The other expenses are staying steady in proportion to gross revenues. There may be opportunities in these areas however salaries and overhead is the greatest opportunity to scale back costs and contribute to increased net income and ultimately positive cash flows. Flexing salaries and benefit to 44% of gross revenue and reducing overhead and expenses to 10% of gross revenue is recommended for Ms. Ringer to increase net income to $152,956 and equity to $240,214 (exhibit Operating Statements-2012 proforma).

The company currently faces serious financial challenges. It was struggling with declining sales and increasing costs. Since 2004, revenues had fallen by more than 40% while costs especially for employees health insurance, maintenance, and utilities climbed. Credits and loans had been borrowed to

Ms. Ringer is largely supporting operations through her line of credit versus managing costs. In review of the operating costs, overhead and administration have increased by 8% from 2008-2011 or $116,870. In addition salary dollars continue to increase from 2008-2011 by $111,150 with no efforts to flex. The other expenses are staying steady in proportion to gross revenues. There may be opportunities in these areas however salaries and overhead is the greatest opportunity to scale back costs and contribute to increased net income and ultimately positive cash flows. Flexing salaries and benefit to 44% of gross revenue and reducing overhead and expenses to 10% of gross revenue is recommended for Ms. Ringer to increase net income to $152,956 and equity to $240,214 (exhibit Operating Statements-2012 proforma).