Law Practice Management Asked and Answered Blog

Category: Red

Dec 11, 2019

Law Firm Financial Management – Financial Red Flags


Our firm is a twelve lawyer firm in Chicago and our practice is a business litigation firm. We have eight partners in the firm and we are managed by a three-member management committee that was just formed this year. I am a member of the committee and I am responsible for the general financial oversight of the firm. I am trying to get a handle on law firm financial metrics and especially what are the financial warning signs that I should be aware. If you have an outline or list that you would be willing to share we would appreciate it.


Here is a short list of what I call financial red flags that you might find helpful:

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John W. Olmstead, MBA, Ph.D, CMC

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