As one author has stated, "Every major law firm that failed has had plenty of profits right up to the moment it collapsed."
Many Partners therefore assumed that their firm was safe - but they were still liable for the consequences of failure. The SRA has stated that 20% of firms (off all sizes) have problems of Financial Stability. All Partners, not only the Managing Partner and Finance Partner, need to understand their firm's true financial position, its prospects and the dynamics of ensuring survival and prosperity.
- Enable attendees to understand their Firm's financial reports, extracting the Important information from the detailed data - and ask for additional information on key topics
- Use the information to identify areas for corrective action and assess the actions to take - avoiding possible unintended consequences
- Look into the future prospects so that there are "No Surprises"
- Take away a simple action plan to improve the finances quickly - whatever the current position
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