Law firm finances are going through a fundamental path of change. Financial transparency, a more business-oriented legal market and the need to invest, in particular in technology, have changed the pattern. It follows from these developments that financial planning and continuous monitoring of key relevant data to meet financial targets have become the name of the game. Everyone’s cooperation and involvement is needed to fulfill those tasks. Transparency is a must. Law firm finances are no longer a ‘locked box’, visible only to the chosen few. Alternative, value-based fee models causing irregular influx of cash pose a challenge to the traditional model with billing based on the hourly rates. Outside debt and even equity financing by third parties (including IPOs) have become available. This panel will discuss with the session participants how law firms should manage these changes, giving participants concrete takeaways for their own practices.