The results of the Financial Benchmarking Survey 2019 are out.
The 2019 Law Management Section Financial Benchmarking Survey will be published very soon. In the meantime, Andy Harris , lead author of the report, gives a sneak peek at some of the key findings
The idea of being a data-driven business can sound intimidating – something best left to PhD statisticians and data scientists. But monitoring data at your firm doesn’t need to be difficult, and it can bring real benefits. Derek Fitzpatrick explains
Law firms often focus on profits, but cashflow is far more important to the success of your firm, says Barry Wilkinson. But what are the key causes of cashflow difficulties, how can you tackle them, and how can you avoid them in future?
It can be a struggle to understand the nature of social media. The top 10 law firms in the UK think that cyber threats are a major concern when using social media platforms.
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
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
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
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