Raising the financial awareness of your staff
Produced in partnership with Robert Mowbray of Taylor Mowbray LLP
Raising the financial awareness of your staff

The following Practice Management guidance note Produced in partnership with Robert Mowbray of Taylor Mowbray LLP provides comprehensive and up to date legal information covering:

  • Raising the financial awareness of your staff
  • Financial awareness—why it should matter to fee earners?
  • What do fee earners need to understand?
  • Different ways of improving financial awareness
  • Providing financial incentives to change behaviours

This Practice Note considers how you might set about improving your staff's financial awareness so they might be more inclined to, and more skilled at, ensuring you hit your financial targets.

Financial awareness—why it should matter to fee earners?

It is not sustainable to have knowledgeable fee earners who provide an excellent service to clients but who make no profit from their efforts. To make a good profit, your fee earners will need to know the law and be attentive to the needs of every client but these skills alone will not guarantee a profit.

Lawyers who understand the finances of a law firm can meet clients' expectations and at the same time deliver high levels of profit to the firm. This means the firm can invest in its fee earners and clients to create even higher levels of profit.

Fee earners who are commercially minded are also more likely to give good commercial advice to their clients rather than just that which is technically correct.

What do fee earners need to understand?

Some people try to make legal businesses sound more complicated than they really are. A legal business is buying the time of fee earners today and trying to sell that time on to clients at a profit. Fee earners need to understand that:

  1. firms go bust when they

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