The True Cost of Non Compliance? Your Reputation. #legalaccounting #lawfirms #californiabar
In this brief segment, the speaker emphasizes that the primary cost of non‑compliance and of ignorance is damage to a firm’s reputation, especially when a law firm or accounting practice holds client funds in good faith. The speaker warns that failing to follow compliance procedures—such as the required three‑way verification of client money—can erode trust. The discussion also raises the question of who is responsible for performing and overseeing the three‑way check, highlighting the need for clear oversight mechanisms to protect reputation.
More from Lynda
Client Responsibilities in Legal Accounting #lawfirms #legalaccounting #EngagementLetters
Stop Burning Marketing Money - Track Your Leads #lawfirms #legalaccounting #profit #kpi
Boost Cash Flow In Your Law Firm: Adjust Pricing & Collections #lawfirms #legalaccounting
