Wilkinson Read & Partners' experience working with professionals can help you develop your practice. This page highlights our approach in this specialised sector.

1. Overhead Cost Management
2. Business Planning
3. Strategy Development and Implementation
4. Income Generation
5. Internal Efficiency
6. Finance
7. Mergers

1. Overhead Cost Management

Using our unique 24-point QUIPS process we can produce savings of 20-50% in all the above categories. We have found that even the best managed practices tend to have areas in which there are savings still to be made: our technical skills enable us to identify these categories and implement cost saving solutions for your firm.

2. Business Planning

Core Activity: Creating Business Plans for Internal and External Use

Business plans generated by professional firms are often developed in something of a vacuum: rigorous tests are seldom applied to determine whether elements of the plan are achievable, manageable or even desirable. In order to generate a truly useful business plan, Wilkinson Read & Partners' initial focus is on the process for developing the plan itself.

A successful business plan will only be produced if the right questions are asked; both of partners and of other staff. Experience with our clients has shown that all too often partners creating business plans only ask the questions that are of specific interest to them. Wilkinson Read & Partners have the knowledge and experience that allow us to ask the right questions for the entire firm.

Producing a business plan is a timely activity; often its production will detract from a partner's billing time. By engaging Wilkinson Read & Partners to produce your business plan not only will a more useful document be generated but time and money will be saved. Furthermore, a business plan that is produced by a third party can achieve greater acceptance than one produced internally.

Professional practices frequently create business plans under pressure from third parties: either in order to raise finance to fund further business growth or to gain accreditation from a recognised body such as Lexcel or Investors in People. But by using Wilkinson Read & Partners' experience a business plan can be produced that not only answers basic level questions but becomes a comprehensive and dynamic tool that can be used to drive the firm forward.

3. Strategy Development and Implementation

Core Activity: Strategy Development for Firms, Departments and Key Partners.

Every firm must have a strategy which sets out both the firm's objectives and the means by which these objectives are to be realised. There is a body of opinion which holds that partnerships cannot successfully create and implement strategy. Wilkinson Read & Partners believe that this is simply not the case. It is true that a strategic review of a partnership does risk highlighting the differences in the objectives between partners in the firm and it is because of this that Wilkinson Read & Partners has developed a unique approach to strategy development. Our technique understands and accommodates different partner's objectives, perspectives and aims.

For many years we have likened this strategy to a road map. It tells you how to get from one place to another, but this pre-supposes you know where you are, you know where you want to get to and that there is actually a route for getting from one place to another.

Surprisingly we have often found that firms which have quite a clear idea of where they want to get to are unclear of their firm's current position along the road map. Consequently the Wilkinson Read & Partners strategy development process starts with a thorough examination of your firms current position. Such an examination does not just focus on the internal aspects of your firm: we believe it to be just as important to understand what is happening in the outside world. If the focus is purely internal, rather than the looking at markets, clients (current and potential) and competitors, the strategy will only solve the problems of today and not address the issues of tomorrow.

The objectives must be clearly defined. This is usually in financial terms, but concentrating on these alone is a mistake. It is equally important to consider the objectives of the individuals within the firm and how these complement the overall plan. It is also vital to consider the resources required to meet the demands of the plan and to factor in any changes necessary. The real skill lies in making the plan 'fit' the needs of the business and the people within it. The financial objectives become achievable only when this is done effectively.

Once the overall strategy for the firm has been produced there is a second process required: each department needs an individual development strategy to allow the department and key partners to develop in harmony with the overall strategy. Getting the right overall strategy means that the different objectives of departments and partners can be accommodated without friction.

The skill, however, is not just devising a strategy but the execution of that strategy. The worlds most advanced and forwarding thinking firms know how to get things done. The following characteristics define a firm that will get things done:

• All functions critical to the firms success are in place;
• Strategy has been translated into clear action plans with clear accountability;
• Roles and responsibilities are sufficiently clear that people know where to go for the information and support they need to do their jobs effectively;
• Decision making accountabilities and processes are will defined;
• Managing Partners surround themselves with people who will challenge them on their thinking;
• Managing Partners devote a significant amount of time to hiring and developing talent;
• Performance measures are directly tied to the firms business strategy.

4. Income Generation

Traditionally firms have viewed income and profitability maximisation as a matter of multiplying the available fee-earner hours by the charge-out rate. This can be built up by individual and department to show the income potential for the partnership. Whilst the level of fee-earning potential is important, Wilkinson Read & Partners also isolates the non-billable time and the benefits that can be brought about from its recording. This helps to focus the mind on where and how time is apportioned within the firm.

An examination of time management within a firm:

• Results in a clear understanding of the real and potential obstructions to billing time within the firm
• Enables the firm to help poorer performers
• Enables the firm to help the people who are working excessive hours; this position is not sustainable in aiding long-term profitability

Wilkinson Read & Partners develop programmes that through training, skill development, reorganisation and the introduction of systems allow for better allocation of time and work throughout the firm. This helps improve long-term profitability by increasing your firms output.

When taking steps to increase income it is vital to come to an understanding of the factors that have lead to your current pricing structure. Only once this understanding has been reached can questions about other possible pricing schemes and the potential for charging more by adding value to your services be answered.

If more client work is required, we identify the systems and procedures that can be used to attract this additional revenue. We will also provide tailored coaching and guidance for these key marketing activities:

• Cold calling
• Relationship marketing
• Network marketing
  
• Publicity
• Seminars
• Direct mail
• Public speaking
• Article writing

Wilkinson Read & Partners will help you determine whether your current marketing methods are the most suitable for your firm. If not, we will recommend methods to help you expand your income generation potential.

5. Internal Efficiency

Successful data collection is always the first step towards making efficiency gains. In developing solutions to improve the internal efficiency of a firm Wilkinson Read & Partners uses analytical techniques to extract the relevant hard data and focuses on confidential one-to-one sessions with the partners and staff (if and where appropriate) to extrapolate the required soft data.

The initial data we collect is used in two key ways:

• To decide whether the firm has the right level of personnel, focusing on the particular skills and attributes possessed; and
  
• To evaluate and assess the level of support given to the personnel by the equipment and technology used within the firm.

The results are brainstormed both with the firm's partners and by Wilkinson Read & Partners' consultants off site, using innovative techniques and skills developed over the last 15 years of implementing programmes for professional firms. We have found that the most efficient firms operate three times more efficiently than the least efficient firms.

We will provide guidance to our clients in implementing our recommendations. Additionally we are able to offer skilled resources to the key functions of a firm to bring about the changes crucial to the success of the plan.

6. Finance

Accounting Systems:
The presentation of accounts can influence the decisions which are subsequently made. The accounting department therefore has an important role in providing the decision makers with the key information they need. Wilkinson Read & Partners will help you optimise the layout of your accounts so that you may derive the greatest possible benefit from them.

We need to ensure that:

• Each individual has access to the information that they need
• Data is accurate
• Reports are produced efficiently and quickly

Cash Flow:
Each part of cash flow needs to be managed appropriately. Key factors include:

• The level of overdraft
• The efficiency and completeness of billing
• The level of disbursement recovery and the justifications for write offs

Banks:
Each firm requires a different funding arrangement but also individual departments within a particular firm need to be supported in different ways by the bank. Wilkinson Read & Partners will examine a client's relationship with its bank and ensure that the needs of both parties are met.

Sourcing Finance:
There are many ways of financing assets. In its investigation Wilkinson Read & Partners will ask:

• Is each area of the firm being funded in the most appropriate way?
• What are the true values of the firm's underlying assets?

Failure to fund the firm in the most appropriate way is likely to lead a restraint on its growth.

7. Mergers

We can act in a number of roles to assist clients in the process of mergers or acquisitions.

We can provide:

• Financial advice and assistance in negotiations.
• Financial investigations of a proposed target.
• Management consultancy to ensure that post merger integration is as smooth and seamless as possible.