PwC's Law Firm Services Practice Releases Fifth Edition of Law Firm Accounting and Financial Management

NEW YORK, March 29, 2012 /PRNewswire/-- PwC's Law Firm Services practice has released its fifth edition of Law Firm Accounting and Financial Management, a comprehensive guide to the latest management, tax planning and accounting strategies for law firms. Building on past editions, the publication continues to provide fundamental financial and management guidance, and is newly-minted with substantial revisions to chapter topics that have become even more relevant to leaders of law firms, with notable additions to its Project Management, Partners' Compensation and Risk Management and Law Firm Structures chapters.

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The book offers the most comprehensive and detailed explanation of four areas involved in managing a multinational law firm:

• Fundamental Accounting for Law Firms, which outlines the principle financial information for law firm managers and provides easily digestible examples of what financial data one can expect;
• Financial Management Concepts for Lawyers, which focuses on the business concepts surrounding management decision-making;
• Tax Planning and Reporting, which includes information on tax compliance and the latest reporting requirements; and
• Advanced Accounting for Law Firms, which focuses on the advanced accounting and financial considerations for law firm management.

"Significant changes have occurred in the legal industry since our very first edition, and as the industry continues to evolve, we've been helping our clients navigate increasingly complex operational challenges," says Stanley Kolodziejczak, co-chair of PwC's Law Firm Services practice and co-author of the fifth edition. "The management fundamentals and advanced considerations for running a law firm covered in our book serve as an ongoing guide and resource for those charged with leading and managing a firm."

The overhauled Law Firm Structures chapter is a response to the increase in law firm growth plans to meet client demand, and discusses the options to merge, affiliate or simply grow both domestically and internationally, while taking into account the current, rapid pace of global expansion.

"Amidst expanding practice areas and the introduction of new ones, an undeniable area of growth is the rise of the multinational firm, involving an increased set of operational challenges," says David Gaulin, co-chair of PwC's Law Firm Services and co-author of the fifth edition. "Increasingly firms are looking abroad for growth opportunities. As they develop their expansion strategies, firms are faced with a number of considerations that effect success including their structure, intended markets for expansion and future plans for growth."

Other changes of note in the new edition are the hot-topic issues of capital structuring and compensation, which warrant evolved advisory with new approaches to evaluating and implementing these policies.

"Cost structure and billing are under a sharper microscope than ever. Client expectations remain high, but they are less willing to subsidize certain expenses and training than they were ten years ago, and this is one of the major factors affecting capital structuring and compensation," says Kolodziejczak. "Setting new goals and approaches to compensation require careful examination, and we provide detailed, comprehensive measurements and recommendations with the intent to help you achieve the delicate balance of maintaining good relationships with your clients while keeping the firm profitable."

Published by the Law Journal Press, the fifth edition is available for purchase on ALM's Law Catalog, where select chapters are available, along with author bios and a full table of contents.

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About the Authors

Stanley Kolodziejczak is Co-Chair of the Law Firm Services (LFS) practice of PwC and has over twenty five years of business, tax and accounting experience. Stanley's current experience is working with law firms that are facing the challenges of growth in a changing global market. Stanley's experience includes helping law firms establish operations in new jurisdictions, assisting with compensation policies, optimization of structure and all aspects of tax reporting and compliance. Stanley regularly assists firms considering the challenges and opportunities of mergers and acquisitions. Most recently, Stanley has authored the fifth edition of Law Firm Accounting and Financial Management.

Stanley has served a wide variety of professional service firms, including law firms, human resource groups and computer consulting companies. His clients are both U.S. based firms operating abroad and non-U.S. based firms operating in the U.S.

Stanley is a member of the Pennsylvania and New Jersey Bar Associations as well as a member of the American Bar Association. He is a Certified Public Accountant in New Jersey and Pennsylvania, as well as a Certified Management Accountant. 

Stanley received his Bachelor's degree in accounting from Rutgers in 1984 and his Juris Doctorate from Rutgers in 1990.  Stanley went on to receive his Masters in Law in Taxation from New York University in 1994.

David Gaulin serves as the national assurance leader for PwC's law firm services practice. He has been with the firm for 18 years. In conjunction with this role, David is asked to consult on a national basis with regard to auditing and accounting issues for law firms. In addition to his many law firm clients, David has also directed audits of service organizations, manufacturing, retail and distribution organizations.

David is a Certified Public Accountant in Connecticut, New York, and New Jersey and a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants.

David is a co-author of Law Firm Accounting and Financial Management published by Law Journal Press, contributing to the past three editions. In addition, David regularly sponsors law firm related events and hosts roundtables throughout the year on various topics that are critical to managing a successful law firm. Over the years, David has spoken at several national law firm events.

David graduated with an MBA from the State University of New York at Buffalo.

SOURCE PwC