Features and Opinion – Page 3
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FeatureThe bearer of good news
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
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FeatureA picture of health
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
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FeaturePlan ahead
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
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FeatureFour steps to improve your firm’s cash flow in 2018
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.
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FeatureMade to measure
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.
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FeatureUp close and personal
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
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FeatureTaking shape
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
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FeatureQuick fix?
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
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FeatureCrunch time
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
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FeatureThe big catch
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.
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FeatureHeart of the matter
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
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FeatureWorking wonders
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
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FeatureIn the Manager's Chair: Spinning plates
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
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FeatureA bright future
A range of challenges face partners looking to plan effectively for their retirement in the current volatile marketplace. Mark Waddilove looks at the options, and which to choose at different stages of your retirement planning
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FeatureAll above board
The SRA Code of Conduct obliges law firms to ensure their fees are transparent to their clients. Firms must not be seen to generate secret profits. Jason Mitchell looks at how to maintain compliance
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FeatureBig thinking
Big data isn’t about sheer volume of data – it’s about how to use the data available to make effective business-critical decisions. As Charles Christian explains, it can help you to understand your business better, recognise trends and improve performance
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FeatureThe test of time
Joanne Hunter outlines how making three small changes to how your fee-earners value, manage and record their time could make your firm more than £111,000 extra per year for every one of your fee-earners
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FeatureTaking shape
Patricia Kinahan and Andrew Allen discuss the relative merits of an LLP and a limited company – or both – as trading structures for law firms, and how to make the best decision for your business
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FeatureHow do you do?
The Law Management Section’s 2016 Financial Benchmarking Survey suggests a generally positive outlook, but, warns Andy Harris, some firms may be slipping back into bad habits
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FeatureA flying start
What are your new year’s resolutions for your business in 2016? Top of the list should be analysing and managing profitability, according to John Playfair . He provides his top five tips for improving law firm profits, to ensure you realise your full potential