This has given me confidence that we are doing many of the right things, and has helped me to emphasise the value the law firm finance function can bring in generating new business, as well, of course, as ensuring we remain highly profitable.

- Ann Cummersdale
Finance Director, Muckle LLP

Strategy and the Role of the Finance Director

Date: 30.01.2013

In a recent piece of research, the McKinsey Quarterly considered the role of the CFO in the top 100 global companies by market capitalisation, and came up with four profiles of top-flight finance professionals.

Tony Reiss - If Tesco ran a law firm

Date: 10.12.2012

Life has its strange coincidences and it is interesting to see what presenting at conferences can inspire in other consultants. 

The Perils of a Fixed Cost Structure

Date: 29.11.2012

One of the problems we regularly come across working with law firms is the lack of headroom, or buffer, the partners have when it comes to the firm’s cost structure. In balance sheet terms, the late Professor Larry Ribstein summed it up best – law firms behave as ‘thinly capitalised workers’ cooperatives’ – they have very little in retained earnings, which puts huge pressure on partners’ profits when times are difficult.

To Incorporate, or...

Date: 29.11.2012

The growing trend towards incorporation, and away from the traditional partnership model, in the legal profession raises the question again of what benefits there are for partners from incorporating their business.

Targets - Aspirations and Imperatives

Date: 29.10.2012

In my recent Law Management Section webinar "Using Financial Efficiency to Reduce Costs and Increase Profit" I asked the audience how many chargeable hours per year their firm expects from its fee earners. Over 75% of the audience indicated that their target was over 1000 hours per year.

Beyond Budgeting

Date: 21.10.2012

For many firms September represents the midpoint of the financial year and is a good time to review the firm's progress against its budgets.
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