Financial management policy—law firms

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

  • Financial management policy—law firms

Financial management policy—law firms

    1. 1


      1. 1.1

        Sound financial management is critical to the success of any business.

      1. 1.2

        Implementing financial management processes helps us plan for financial success and minimise any threats to achieving and maintaining financial success. This document gives an overview of our financial management processes and forms part of our overall risk management policy.

      1. 1.3

        This policy sets out:

        1. 1.3.1

          what financial management is;

        1. 1.3.2

          our approach to financial management;

        1. 1.3.3

          who is responsible for financial management;

        1. 1.3.4

          our financial management processes;

        1. 1.3.5

          our approach to clients and matters that present a higher than usual financial risk;

        1. 1.3.6

          our duty to report certain events to the SRA;

        1. 1.3.7

          details of financial management training; and

        1. 1.3.8

          the steps we will take to monitor and update this Financial management policy.

    1. 2

      What is financial management?

      1. 2.1

        Financial management involves:

        1. 2.1.1

          devising and implementing plans to promote the financial success of the firm;

        1. 2.1.2

          monitoring and controlling risks to our financial stability;

        1. 2.1.3

          ensuring we work in the most cost efficient way; and

        1. 2.1.4

          identifying and mitigating matters that pose high financial risk.

    1. 3

      Our approach to financial management

      1. 3.1

        We plan for financial success by producing an annual business plan setting out our core business and financial objectives. [This includes an annual income and expenditure budget, cashflow and balance sheet forecast. ][The business plan is supported by an action plan, to ensure we take a structured approach to achieving our objectives.] The

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