For ordinary people on the street, their perception of what family lawyers do is likely to be limited to phrases such as ‘appear in court’, ‘divorces’, and ‘child support’, to name but three. However, experienced lawyers advise that not every task that a family lawyer undertakes within their business is associated with family laws and courts.
It has to be remembered that family lawyers are a business, and thus, issues relating to employees, office premises, and, most importantly, their finances also need to be addressed regularly. The latter, finances, must surely be considered one of the most important.
Sadly, many family lawyers have limited knowledge of financing and accounting and struggle with the many terms used within them. So, for any family lawyers who are likewise confused by the plethora of financial terms, here are explanations of ten of the most important financial concepts you are likely to encounter within your business.