Small steps to better margins
Produced in partnership with Ursula Rice of Family First Solicitors Ltd
Small steps to better margins

The following Family practice note produced in partnership with Ursula Rice of Family First Solicitors Ltd provides comprehensive and up to date legal information covering:

  • Small steps to better margins
  • Professional obligations
  • Cash flow
  • Outgoings
  • Sales and leads
  • Charging
  • Time
  • First lessons for new staff
  • Plan for new technology and outsourcing
  • Other short term fixes

Every family lawyer should think in a business-like manner. The partners need to make the firm profitable, the head of department needs to make the team profitable and the individual needs to be profitable to keep their business, team or job respectively. While big changes to systems can be culturally or personally challenging, taking small steps to better profitability margins is more likely to be achievable for every firm. This Practice Note aims to give ideas to improve the business on an individual or firm-wide level.

Professional obligations

From 25 November 2019, the Solicitors Regulation Authority (SRA) Standards and Regulations 2019 are in force, replacing the SRA Handbook and Code of Conduct 2011. Mandatory outcomes and non-mandatory indicative behaviours are replaced with a more principles-based regulatory scheme.

The key requirements of the SRA Standards and Regulations 2019 include the SRA:

  1. Principles

  2. Code of Conduct for Solicitors, registered European lawyers (RELs) and registered foreign lawyers (RFLs) (SRA Code of Conduct for Solicitors) 2019

  3. Code of Conduct for Firms 2019

  4. Accounts Rules 2019, and

  5. Glossary

The SRA Accounts Rules 2019 set out how firms should keep clients’ money safe and are located in the SRA Standards and Regulations 2019 and comprise 13 sections.

For further guidance, see Practice Note: The Solicitors Regulation Authority (SRA) regime 2019 for family lawyers.

Cash flow

The lifeblood of a business is cash flow—the firm’s employees and suppliers

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