Business of law: Financial strategy

Supported by Hill Dickinson

Following on from our inaugural Business of Law seminar in November, we're continuing the theme around strategy – mainly as many law firms do not appear to have one and if they do, it tends not to be embedded in the culture of the firm or even communicated firm-wide.

In this fast changing environment for law firms with potential new entrants, increased competition bringing with it price and margin pressure, it is a crucial time for every law firm to consider its financial strategy. What is the next three to four months going to deliver to the top line? Overheads will be predominantly fixed over this time period now. How and where is the growth and the profit going to come from? What does the ne xt 12 months and beyond look like?

This presentation will delve further into the financials of a law firm and aligning these with the intended strategy and goals of a firm. Strong working capital controls and management is crucial to enabling a law firm (in fact any business!) to deliver its strategy, to invest in the future not to mention surviving from day to day.

Strong working capital enables a law firm to consider how it could invest in delivering profitable growth, the headline agenda point on any board or partners' meeting at the moment. We will look at how that could be delivered but also how it can be measured.

Finally, we will consider a law firm's profitability. Is the firm able to identify which areas of the firm make a profit, which don't and importantly how this profit is measured.

Chris Pape, Director, Deloitte

Chris is a Chartered Accountant and has been with Deloitte for 12 years working in the North West Restructuring Services team assisting the stakeholders of businesses. The team works across all sectors with a focus on advising professional practices. Chris specialises in Cash & Working Capital Optimisation and delivers working capital benchmarking, working capital optimisation programmes, cash management and cash forecasting reviews. He has been involved in optimisation programmes relating to receivables and inventory management from cost benefit analysis through to implementation and monitoring.

Steve Carter, Head Professional Practise Group, Baker Tilly

Steve is the Head of Baker Tilly's Professional Practice Group in the North. He is primarily involved in providing leading-edge commercial, strategic and business advice to the legal profession. Steve has over 20 years experience as a Managing Partner of a professional practice, as part of the regional management team and office managing partner in a large international accounting firm. Steve has an understanding of the strategic and day to day management issues facing managing partners both from the perspective of an in-house management team and as an external client adviser advising law firms on financial and strategic issues.

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This session will count as CPD if the content is relevant to your personal development plan. This event is part of the pro.people and professional innovator programme.

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