Accounting For New Laws

law new

The new law changed the game for law firms. Instead of focusing on price, they are now looking to help their clients more. Strategically, this means knowing how to help their clients while unleashing their potential. The old way of thinking saw law firms looking for ways to cut salaries, reduce full-time staff, and cut expenses by moving to less expensive locations.


A positive law is an act imposed or enacted by a sovereign authority. It lacks the moral force of natural law. Positive law differs from natural law in several ways. In one sense, it is morally indifferent; in another, it is morally adventitious. It also lacks the intrinsic value of a law.

In contrast, a natural-law norm, such as “you shall not kill,” does not require a sovereign imposition. On the other hand, a positive law, such as “you shall not speed,” requires the imposition of a sovereign.

Enactment date

In accounting, a law’s effects should be recognized in the period it takes effect, starting with its enactment date. This date is not always known, but generally occurs after the law has completed the full legislative process. Enactment occurs when the President signs a bill into law, although it can occur in other ways. The important concept of enactment is that the legislative process is complete. This means that future rates may not be known, and so they should not be recognized.

Impact on legal field

The baby boomers are the largest generation in history, and their impact will extend to every sector of the country – from the economy to the legal field. As a result, there will be a high demand for legal services in the coming years. Adult children of older people will also need to protect their parents, which will create an increase in the need for lawyers.

Historically, legal practice was synonymous with legal delivery, and lawyers were well positioned to set practice standards. However, the global financial crisis and the rise of technology changed the way goods and services are sold, and the legal profession was no exception.