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:
This Practice Note provides an understanding of why management information (MI) is needed and how it should be formatted and distributed to achieve:
a change in behaviour of managers, and
improved financial performance
All businesses require MI to:
to track performance against budget, and
identify any deviations away from budget as early as possible
By definition, MI is information on things that the recipient can change. You should not distribute information simply because it is interesting to the reader but because it can be used to improve performance.
Most law firms have been distributing MI for years, yet there may be no real evidence this has improved business efficiency or performance. It might therefore be time to look again at what MI is being distributed and identify improvements.
Before the advent of computers, the vast majority of law firms had very little MI and it was just left to partners to maximise their billings each year. Given that most expenses were fixed, it was not too difficult for a partner to understand the level of fee income required to generate a reasonable level of profit. With developments in IT, it has become easier to prepare and distribute MI. Partners, therefore, often ask for new pieces of information that they think might be useful. In many firms, this
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.