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Accounting and Financial Planning for Law Firms

September 2008

Realization — Another View

It Takes Patience, Practice and Persistence

By Spencer Barback and Ric Hayden

For many managing partners, the practice of law is easy compared with the challenges associated with "realization": an 11-letter word that is the bane of all managing partners everywhere. And 100% realization? Well, that’s the Holy Grail of law firm management. Given the choice of winning a Supreme Court case or solving the riddle of meeting their firm’s realization goals, many managing partners might just tell the Chief Justices to take a hike.

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