Practice Management - refers to decisions about how an office will handle its cases. These include determining the general types of cases the office will specialize in, how many cases the office should accept in a given area, and which clients should be accepted or rejected. Administrative Management - refers to management decisions concerning the operation or management of a law office. This includes assignment of staff, training of staff, setting policies, providing overall organization to the office, creating effective systems, providing the overall law office leadership. Financial Management - refers to the oversight of a firm's financial assets and profitability to ensure overall financial health.
Financial management is important in any business.
A business that does not earn a profit soon goes out of existence. Human Resource Management - refers to recruiting, hiring, training, evaluating, maintaining, and directing the personnel who will provide quality legal services to clients. Systems Management - determining policies, and creating effective systems to arrange people and physical resources to carry out plans and accomplish objectives. Law firms must make effective policy decisions to achieve goals and carry out plans. Part of this function is the process of creating systems that will bring this about.