A recent survey has revealed that over half of Britain’s SMEs are owed nearly £45 billion in late payments, placing severe strain on working capital. Steve Deutsch outlines some simple steps that small businesses - law firms included - can take now to bolster their balance sheets.
In your financial reporting, do you focus on fees and hours? If so, you’re missing a trick, according to Andrew Otterburn. Focusing on gross profit can help you with everything from gearing to pricing, and productivity to teamwork.
With fixed recoverable costs looming on the horizon, personal injury firms and departments must make a decision: adapt to survive, or stop practising in this volatile area. Zoe Holland looks at the options
Getting your business structure right will help you with everything from achieving your goals and attracting external investment, to inspiring your people and planning for succession. Mark Waddilove outlines how to make the bests decision for your business
Fixed fees are favoured by clients, and increasingly seen as a competitive differentiator. But putting them in place and managing them effectively can be complex. Jenny Beck provides a beginner’s guide to managing in a fixed-fee environment
Recent media reports of firms punishing fee-earners for not effectively recording their time have raised questions of why time capture is so important for law firms. Barry Wilkinson argues the case
Tendering for legal work is more common than ever for small to medium-sized law firms. Steph Hogg explains how to handle the bidding process, and Sarah Barrett -Vane outlines the specifics for public sector tendering.
If you are looking to merge or be acquired, you need to understand your firm’s value, and maximise it by effective planning and due diligence. Grania Langdon-Down talks to the experts
Healthy working capital is fundamental to the financial success of any business. John Playfair looks at how firms can improve financial stability by taking a proactive approach to managing working capital
Duncan Wood talks to Ann Harrison, chairwoman of Stephensons and member of the Law Management Section committee, about juggling multiple roles, presiding over a period of impressive organic growth, and making plans for the future