Financial strategy & management

Financial strategy & management guidance:

There is little point in collecting data on a firm's financial performance if that data is not used to improve its performance. A firm’s fee income, fee-earning capacity...

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There is little point in collecting data on a firm's financial performance if that data is not used to improve its performance. A firm’s fee income, fee-earning capacity...

Precedents

This Practice Note provides information about different ways of measuring financial performance in a law firm. It also provides guidance on how to analyse and benchmark...

Practice Note

Date of calculations: [insert date of calculations] Current ratio FormulaCalculationResultResult from previous month/year% movement Current assets ÷ Current liabilities...

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Cash and profitability ratio calculations— Current ratio FormulaCalculationResultResult from previous month/year% movement Current assets ÷ Current liabilities764,400 ÷...

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This Practice Note provides an understanding of what might cause a law firm to fail and what the bank will be looking for if it is to continue to support the business...

Practice Note

This Practice Note explains why it is so important to improve the efficiency with which work is done and how this can be achieved without diluting quality. Why is work...

Practice Note

A: Gut feel Comments or observationsGut feel income prediction B: Trends Data YearFee income £% increase on preceding yearAny factors to suggest that % change is not part...

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A: Gut feel Comments or observationsGut feel income prediction Economy is improving. Prestigious supermarket is opening in our town, reflecting a general upswing in...

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Trainees Development toolTrainee nameDate completed Professional Skills Course (PSC)—Financial and Business Skills core element[State which trainees have undergone this...

Precedents

This Practice Note provides guidance on managing financial risk. It reflects the SRA Standards and Regulations 2019 and additional financial management requirements that...

Practice Note

This Practice Note provides information about how to read and understand the financial accounts of a law firm. Why are financial accounts important? Law firms need to...

Practice Note

QuestionYes/No Have you identified the amount of capital the business will need over the next five years? Have you a clear plan for controlling your lock-up in debtors...

Precedents

End of month 6Actual monthBudget monthActual YTDBudget YTDAction required following discussion with supervisor Hours recorded85100540600Month and year to date hours...

Precedents

This Practice Note looks at some of the most common causes of financial instability in law firms and provides some suggestions on what needs to be done to ensure problems...

Practice Note

This Practice Note provides an understanding of why a law firm might need finance and the ways in which such finance might reasonably be obtained. It also considers how...

Practice Note

Why do law firms need budgets and how might they be structured? Like any other business, a law firm needs some budgets each year so: • it can properly control its income...

Practice Note

Preparing a cash flow statement:Yes/No Do not use accruals accounting in the cash flow forecast Do not include depreciation and other non-cash items in the cash flow...

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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...

Practice Note

Raw data capture sheet for financial calculations DataSource of dataFigure£ Current assetsBalance sheet764,000 Current liabilitiesBalance sheet534,200 Work in progress...

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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...

Practice Note

This Practice Note is intended for law firms. It explains why time recording is so important. It also explores best practice around time recording and considers the...

Practice Note

FAQs These FAQs supplement our Time recording policy, which can be found [in our office manual OR on our intranet]. What is [matter-related OR chargeable] time? All time...

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Time recording policy 1 Introduction 1.1 Accurate time recording allows the firm to understand the true cost of services we provide and provide detailed billing...

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Raw data required DataFigure Total number of full-time fee earners Total number of part-time fee earners Total number of days per week worked by part-time fee earners...

Precedents
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