The Legal Ombudsman has released new guidance setting out its approach when deciding what is ‘fair and reasonable’ in a case when determining complaints.
New coworking and shared workspaces are popping up all over England and Wales. But can they work for law firms? Sally Azarmi outlines the benefits she’s found since she started coworking
With the RBS Business Banking Switch launching on 25 February, more firms than ever will be weighing up a move to a new bank. Sara Hutton explains what you need to consider.
Andrew Allen provides an overview of the changes to the SRA Accounts Rules, expected to come into force in April 2019. What are the challenges and opportunities, and what do firms need to do now to prepare?
Members of the Law Management Section committee led sessions at a roadshow this winter to highlight the opportunities and challenges in the year ahead for law firm financial advisers and finance directors. Andrew Otterburn reports back
External investment is increasingly common in the legal sector, and for all sizes of firm. But is it for you? Tom Blandford helps you decide
Involving employees in the ownership of a business can improve performance, motivate your people, promote team spirit and cohesion, and support succession planning. Robert Postlethwaite looks at the options for law firms
Lawyers are not good at charging their true worth. They take their expertise for granted. They go out of their way to deliver for clients. But if you charge your true worth, you will generate more income without having to get more clients. Vanessa Ugatti explains
The Law Management Section’s Finance and Business Forum takes place this November. Simon McCrum provides a sneak peek of what he’ll be talking about in his session: why turnover is the wrong measure of a law firm’s success
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.
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