Legal News

Financial health checks

Financial health checks
Published on: 13 January 2016
Published by: LexisPSL
  • Financial health checks
  • How crucial is it for firms to have good systems in place to monitor and maintain their financial stability?
  • In your experience, how adequate are the financial monitoring systems you see used in most firms? How much do they vary?
  • What are some of the key components of a system to determine the financial stability and health of a firm?
  • What are the key indicators that you are looking to identify in health checks and what can they reveal about a firm?
  • What are the common failures and misconceptions firms display in this area?
  • The Solicitors Regulation Authority (SRA) risk outlook for 2015/16 does not include financial stability as an issue. What is your reaction to that?
  • What is your advice to firms who want to improve their financial stability?

Article summary

Practice Management analysis: How can law firms effectively monitor the financial health of their organisation? Peter Scott, principal of Peter Scott Consulting and former managing partner of Evershed’s London and European offices, and Andy Poole, legal sector partner at Armstrong Watson, consider how to give your organisation a financial health check. or take a trial to read the full analysis.

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