The Function of Management Accounting in a Law Firm
1.0 Introduction
Management accounting is the application of professional knowledge and skill in the preparation of accounting information in such a way as to control the operations of an undertaking.
It is the presentation of accounting information in such a way as to assist management in the creation of policy for the day-to-day operation of an undertaking as it provides information needed by managers to determine how resources should be obtained and used.
It includes the methods and concepts necessary for effective planning in order to be able to choose from alternative business decisions.
This term paper is concerned with how management accounting discipline has been used in the law firm of Messrs Majanja Luseno Advocates, where the writer is an Associate Advocate, towards achievement of the Firm’s objectives.
2.0 History of the Firm
Majanja Luseno Advocates was founded in the year 2008 and is one of the fastest growing law firms in Nairobi with two partners, four associate advocates, six legal assistants and five support staff.
The Firm provides an array of legal services to a wide client base that includes The Government of Kenya, corporate organizations, banks and financial institutions, foreign investors, insurance companies, embassies, children’s homes and aid organisations.
The Firm’s business is divided into two departments these being Litigation and Conveyancing (of which the writer is the head of department).
The Conveyancing department deals with commercial transactions, privatisation, capital markets, financing, property transactions, company law and intellectual property.
The Litigation department on the other hand deals with criminal and commercial litigation, arbitration, debt recovery, insurance, telecommunication and media law, divorce law, children’s law and constitutional law.
This medium size but renowned Firm has even had its Partners lend expertise as assisting counsel for The Commission of Inquiry into the
Management accounting is the application of professional knowledge and skill in the preparation of accounting information in such a way as to control the operations of an undertaking.
It is the presentation of accounting information in such a way as to assist management in the creation of policy for the day-to-day operation of an undertaking as it provides information needed by managers to determine how resources should be obtained and used.
It includes the methods and concepts necessary for effective planning in order to be able to choose from alternative business decisions.
This term paper is concerned with how management accounting discipline has been used in the law firm of Messrs Majanja Luseno Advocates, where the writer is an Associate Advocate, towards achievement of the Firm’s objectives.
2.0 History of the Firm
Majanja Luseno Advocates was founded in the year 2008 and is one of the fastest growing law firms in Nairobi with two partners, four associate advocates, six legal assistants and five support staff.
The Firm provides an array of legal services to a wide client base that includes The Government of Kenya, corporate organizations, banks and financial institutions, foreign investors, insurance companies, embassies, children’s homes and aid organisations.
The Firm’s business is divided into two departments these being Litigation and Conveyancing (of which the writer is the head of department).
The Conveyancing department deals with commercial transactions, privatisation, capital markets, financing, property transactions, company law and intellectual property.
The Litigation department on the other hand deals with criminal and commercial litigation, arbitration, debt recovery, insurance, telecommunication and media law, divorce law, children’s law and constitutional law.
This medium size but renowned Firm has even had its Partners lend expertise as assisting counsel for The Commission of Inquiry into the
References: 1. Garrison/Noreen/Brewer., Managerial Accounting 11th Edition (McGraw Hill,2005); 2. Horngren C.T. and Sundem G.L. “Introduction to Management Accounting”, 11th Edition, (Prentice – Hall Int. 1999); 3. Druly Colin, “Managerial & Cost accounting”, 4th Edition (London International Thomson); 4. Business Press 1996 Garrison H.R., Noreen E.W., Managerial Accounting 7th Edition (Irwin Richard Inc. 1994); 5. Meigs, Williams, Haka, Bettner. Accounting: The Basis for Business Decisions. 11th Edition (New York, McGraw Hill, 1999).