Recent pronouncements from the SRA have focused attention on the "financial stability" of UK law firms – and in one announcement they said that 20% of the top 150 firms were in financial difficulty.
Our approach to sustainable business development has for several years encompassed a six-part strategy involving:
In our article on Innovation, Effectiveness and Efficiency, we referred to Peter Drucker’s observation that in some industries innovation is not taken seriously:
Until January 2012 the legal sector was protected to a degree by the regulatory framework which prevented non-lawyers from entering the market, and had the by-product of holding back innovation.
Following our article in March addressing the issues raised by the identification of three key financial warning signs that the SRA will use to assess firms’ financial stability, the SRA has now announced that it has identified
Some of the recent changes in the market could mean that in some firms the main performance indicators which are used may not be giving a true picture of current performance