In one of the four webinars inclusive in 2014 Law Management Section membership, Andrew Otterburn and Barry Wilkinson provide guidance on how law firms can ensure they are on a sound financial footing
The legal sector is facing difficult times with increased competition, the recession, and the reduction of legal aid. The SRA conducted a survey over the summer which found that ” financial difficulty is a widespread current risk”. The regulator revealed recently that 5% of the initial sample showed a “very high risk of being in financial difficulty”. The SRA is proposing to consult a wider range of firms as the “exercise has confirmed our view that financial difficulty is a widespread current risk.”
This webinar will provide guidance on how law firms can ensure their firms are on a sound footing including:
- tips for sound financial management;
- identifying unprofitable services and improving margins;
- improving cash flow and dealing with debts;
- dealing with lenders;
- reducing fixed costs; and
- diversification and developing a plan.
This webinar was recorded on 9th January 2014. You can now view a recorded version.
Andrew Otterburn, law firm management consultant and Barry Wilkinson, partner, Wilkinson Read and Partners
Andrew Otterburn is a law firm management consultant and co-author of the Law Society publication “From Recession to Upturn: Financial Management for Law Firms” . Andrew Otterburn is a leading, law firm management consultant advising firms in the UK and Ireland. He has provided partner management skills training for firms in Lisbon, The Hague and Brussels. Over the last twenty years he has advised over 250 firms on their strategy, management and profitability. He has also undertaken extensive consultancy work for the Law Society of England & Wales, the Legal Services Commission and the Ministry of Justice. He has written a number of books including “Profitability and Law Firm Management” (Law Society 2007).
Barry Wilkinson is a partner at Wilkinson Read and Partners, Law Firm Management Consultant and author of “Cash Management for Law Firms” – Ark/Managing Partner 2009. Barry Wilkinson is a founding partner of Wilkinson Read & Partners. Since 2003, Barry has worked exclusively with Law Firms, and Barry’s experience now includes over twenty years consulting with professional service firms He is a member of the Professional Speaking Association and the Chartered Institute of management Accountants. His focus is on improving the business performance of both firms and individuals using a range of approaches which improve income, reduce costs and speed up cash flow. His proudest testimonial is that “Barry is one of the few non-lawyers who can make lawyers sit up and listen”.
Andrew and Barry are both members of the the Law Management Section committee and deeply committed to improving the fortunes of LMS members and their peers.