With fears of a double dip recession looming and with financial stability now a mandatory outcome under the new SRA Code of Conduct, it’s now even more essential that law firms measure what matters and turn raw financial data into high quality information to enable their lawyers to more effectively manage their practices.
However, many law firms are still not providing their partners and fee earners with adequate financial reports to allow them to improve their performance. This results in essential reports being ignored and important actions are not being taken, as shown by this comment from a fee earner in one firm:
"I don’t have a clue about the financial reports I receive"
High quality financial measurement is necessary to underpin the success of a law firm. However, in order to achieve optimum profitability and cash flow from available business, overcoming the obstacle of how best presenting financial outcomes to partners and fee earners is essential for enabling profitability and productivity.
This masterclass is designed for Managing Partners, Finance Directors and others who have management roles in law firms, to help them improve their firms’ financial performance by:
• Identifying what needs to be measured and reported on to achieve optimum financial results
• Showing how reports can be designed to achieve maximum impact and effectiveness in order to drive desired outcomes
• Devising education programmes for all levels of partners and fee earners to improve their ability to understand financial reports and enable them to take effective action
Masterclass leader: Peter Scott
Peter Scott is a solicitor and was for eight years until 2000 the Managing Partner of Eversheds London and European offices. He acts as an advisor, trainer and coach to many law firms and other professional firms in the UK and abroad in relation to their financial, strategic, performance, management and risk/compliance issues, with particular focus on helping clients to improve their competitiveness through effective performance management.
Peter is Editor of Practice Management Handbook (Law Society Publishing) now in its 2nd edition and a member of the Editorial board of Legal Compliance Bulletin published by the Law Society. He is a consultant in the Professional Group of Penningtons Solicitors LLP.