Current Attempt in Progress

Lance, Art, and Wayne have joined together to open a law practice but are struggling to manage their cash flow. They haven't yet built

up sufficient clientele and revenues to support their legal practice's ongoing costs. Initial costs, such as advertising, renovations to

their premises, and the like, all result in outgoing cash flow at a time when little is coming in$.$ Lance, Art, and Wayne haven't had time to

establish a billing system since most of their clients' cases haven't yet reached the courts, and the lawyers didn't think it would be right

to bill them until "results were achieved."

Unfortunately, Lance, Art, and Wayne's suppliers don't feel the same way. Their suppliers expect them to pay their accounts payable

within a few days of receiving their bills. So far, there hasn't even been enough money to pay the three lawyers, and they are not sure

how long they can keep practicing, law without getting some money into their pockets.