For many law firms, the challenge is not so much achieving satisfactory profits, as being able to demonstrate to the bank manager that they are a financially successful business with sufficient levels of partnership profit, that deserves support.
Proving profitability is not always easy, but we have been working closely with major lenders to develop a programme that will not only put the firm's finances on a sounder footing, but enhance the relationship with the bank manager - to ensure that your firm is adequately funded and that you achieve your goals.
- Management information reports providing clear, easy to use summaries of key financial indicators
- A significant and sustainable improvement in the firm's cash flow and cash management
- Higher profits and drawings for the partners
- A better banking relationship and more secure funding position
We initially interview the key people in the firm and carry out an analyis of existing management information, so that we are in a position to perform our cash flow and profit improvement project.
This project should have the firm on a much stronger financial footing extremely quickly, and by three months you should be seeing a sustainable improvement in cash management and partnership profits.
Having carried out the initial analysis and got the financial project underway, we provide the firm's management with our clear management information reports - highlighting the key financial indicators and underlining where improvements can be made.
Throughout the project we communicate with the firm's bank manager, to understand their goals and priorities, and to make sure that the firm and the bank are on the same page.
We then provide a report to the management, outlining which improvements the firm can make itself, and where we may be able to help in the longer term.
Where the firm goes from here is optional - but many of our clients opt for an ongoing support package, which involves management information and monthly performance reports.
“You continue to exceed my expectations! The value that you have brought to the firm has been immeasurable in helping all partners to become more financially aware, so that we can move forward together."
Manaing Partner - 19 partner firm, Manchester