It’s a sobering sign of what we’ve been reduced to when we’re praising firms for doing the obvious. This time it’s the pioneering technique of holding a little cash back to cover investment, working capital and future partner drawings, rather than doling it all out to equity partners almost as soon as it comes through the door.
Field Fisher Waterhouse (FFW) and Dentons are the latest proponents of the dark art of prudence – FFW confirming it would hold back its ‘special’ profit distribution in March, while Dentons has delayed some payments over the last 18 months from the 2011/12 financial year.
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