Financial Planning and Management for Law Firms

9781907787713: Financial Planning and Management for Law Firms
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Now is not the time to be complacent about your firm's financial management. With increasing competition, the introduction of alternative fee arrangements, and the Legal Services Act 2007 set to hit in just a few short months, the need for sound financial planning and management has never been more critical. Managing Partner's Financial Planning and Management for Law Firms report will help you develop a strategy-focused financial plan to deliver consistent, predictable and sustainable profitability for your firm. This complete strategy and skills toolkit provides crucial guidance on key topics, including: * The stages of financial management - planning, implementation, reporting and reviewing; * Important profitability metrics that should be tracked at each level of the firm; * How to manage new fee models profitably; * The impact that key market changes and the Legal Services Act 2007 will have on financial planning; * How to assess investment options and different methods of funding; * How to manage relationships with external funders - changing demands and expectations; * The life-cycle of financial planning - from 3 year strategic investment plans to daily reporting and operations; * How to resolve the contradictions of managing profitability for the short term while also managing long term strategic goals; * The role that non-lawyers play at senior and mid level management within the financial planning cycle; and much more - Real-life case studies from leading multinational, regional and specialist firms highlight the pros and cons of differing financial management and planning methods, as well as how to overcome some of the unique problems firms face in today's globalised world. You will also find useful financial planning exercises within the report which can be tailored to your firm's strategic goals.

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About the Author:

John Cussons has more than 12 years of experience as a management consultant and project manager in sectors including professional services, mining, criminal justice, utilities and government. He has worked for clients in Europe, Australia, South America and South East Asia. John's experience in the legal and professional services sector includes working with small, regional and national firms, as well as large international firms. Much of his consulting work has focused on ensuring that strategy is translated into achievable plans and supporting management during implementation. Areas of work include: Domestic and international strategy - this includes development of both domestic and international strategic plans and has involved the analysis of present and potential future business models, country attractiveness and competitive positioning. Much of the work has also included supporting senior management teams to engage with their wider partnerships; Client and practice management - a number of engagements have involved developing client engagement strategies which allow the firm or specific practice groups to identify their key clients, develop models for managing client relationships and improve cross selling. An increasing area of work is also around the pricing of work and the structuring of teams to achieve profitability; and Mergers - this work includes the assessment of likely candidates in target markets, support during the approach to shortlisted candidates and during negotiations as well as post-merger integration support. John Cussons has contributed to various articles on financial planning and management for law firms, such as 'Achieving Profitability' (The European Lawyer, October 2010), 'The key to successful law firm management' (Law Journal Newsletters, October 2010) and 'Profit Bullseye - How to effectively measure and manage fee-earner performance' (Managing Partner magazine, June 2011).

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