"I and other Lawnet firms spent a day in a workshop with Barry and Michelle, hearing how to conduct value conversations with clients and how to ask scary questions and hold ones line in commercial discussions. The content was both theoretically sound, practically applicable and almost universally true and I could not recommend it more highly to any law firm which wants its partners and fee earners to develop closer client relationships."  

- Abby Winkworth - IBB Solicitors, Marketing and Business Development

Billing Season

Date: 27.11.2014

As we approach the festive season it is timely to reconsider one of the most deeply entrenched and unique features of the financial management of law firms – the year-end billing push. The problem is quite simple; namely that it is common practice in law firms for a significant percentage, often anywhere from 15% to 30%, of the year’s billing and collection to take place in the final month of the year.

Growth, Lockup and Funding

Date: 30.10.2014

The recent PWC Law Firms’ Survey 2014 headlines highlight a set of trends that herald a return to the ‘good times’ in the legal market. However, it is worth digging a little deeper and asking to what extent these trends signal good news across the board and, importantly, what those firms outside of the top 100 surveyed by PWC can take from all this.

Cutting Out Write-Offs

Date: 30.10.2014

There has historically been an acceptance throughout the professions, and in law firms in particular, that write-offs are simply an inevitable cost of doing business. Partners will very often accept before even starting work on a case that a certain percentage of the final bill will be written off – because the client will not accept the bill with which they are presented upon completion.

Key Challenges for the Market

Date: 21.09.2014

Having last month reviewed our 2011 report Beyond ABS: The Future for Independent Law Firms, we now turn to a recent report by Alan Hodgart of Hodgart Associates, considering the Key Challenges Facing the UK Legal Market in the coming years.

Strategic Clients - Strategic Practices

Date: 21.09.2014

As we have argued in this article, the market segmentation described by Alan Hodgart is likely to lead many mid-market firms to follow one of two routes – growth via merger/acquisition, or increased specialisation and the divestment of services that do not align with the firm’s core expertise.

Performance Measurement

Date: 28.08.2014

One common issue in the management of law firms is that performance falls short of expectations for a period of time, but the firm’s management only finds out when it is too late to make the requisite improvements. One way of rectifying this is to have more frequent interim measurement and reporting – so that progress can be understood and corrective action be taken in time to be effective.
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