This year, for the first time, the Law Management Section’s Financial Benchmarking Survey report is free for all practices. And the results show continued improvements across the market. Andy Harris explains
Financial stability is making headlines: a string of big names have declared insolvency in recent months, many after issuing profit warnings. Andrew Otterburn provides a simple guide to measuring and monitoring your firm’s financial health
The subject of succession planning is one that law firms are spending a lot of time considering, so just be aware of the implications on your PII cover, writes Jake Fox
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.
The report includes 25 recommendations to government, focusing on issues including increasing children’s access to legal aid, reintroducing legal aid for early advice, and improving Exceptional Case Funding and the legal aid means test
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
2016 was a year of strong growth for firms polled in the Law Society Law Management Section (LMS) Financial Benchmarking Survey 2017, which showed a median rise in income of 5.8 per cent for the mid-sized firms that participated.
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