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Law Practice Management and Technology

The Bottom Line Volume 35, No. 4, August 2014

Coach’s Corner: Financial Savvy: Make It a Priority

By Ed Poll, Esq.
Principal, LawBiz® Management

We should aspire to be more than average—perhaps in everything, but, in particular, in terms of financial savvy.

Law schools certainly do not devote enough attention to the practical side of being a lawyer. It’s fine—wonderful, in fact—to graduate students with knowledge of the particulars of law. However, it’s not so fine—the opposite of wonderful, in fact—if those same students become exceptional lawyers but can’t manage to make a living because they don’t know how to run a business.

A report issued by the Organization for Economic Cooperation and Development (OECD), noted a recent Associated Press (AP) story, found that American teens scored smack-dab in the middle of a group of countries in a test of money management. Out of the eighteen countries, the United States ranked ninth, with a below-average score. Shanghai, China, teens topped the chart with their financial intelligence.

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