Financial management policy—annual review—law firms
Financial management policy—annual review—law firms

The following Practice Compliance precedent provides comprehensive and up to date legal information covering:

  • Financial management policy—annual review—law firms

A: General information

Date of annual review
Person(s) conducting annual review

B: Review and findings

Are your financial management policy and processes up to date and fit for purpose?Yes/No
If no, ensure you set an action point at section C below to update your policy and processes
Does your actual monthly/annual financial performance correspond with forecasted performance, in particular:
  1. profit and loss?

  2. cash flow?

  3. balance sheet?


(Allow a reasonable level of variation only)
Yes/No
If no, do you need to re-forecast your financial performance?Yes/No
If yes, ensure you set an action point at section C below to address this
Are you satisfied your processes for monitoring the following matters are working as they should:
  1. value of work done on your clients files (ie your work in progress) against any payments on account of costs?

  2. the amount of credit you offer clients?

  3. aged debtors?

  4. recording time?

  5. proactive invoicin

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