Darren Cable, UK head of legal practices for Lloyds Bank, introduces the Finance and accounting section. (Updated 19 October 2020)
A well run law firm is a pleasure to work in.
A good starting point is using a firm of accountants that understands the legal sector and can help you to set up the systems that you need. Andy Harris has written a checklist of ten key things to look for when choosing that firm.
Your management information should be designed to flag up the problems and opportunities for your law firm. Steve Billot provides us with his list of twelve broad principles that should guarantee you the best results for the least effort. In a longer article, Steve then highlights the opportunities to boost revenue and cash flow by focusing on utilisation and lock-up.
Peter Noyce goes into detail on how to approach the financing of a law firm merger.
Alex Holt gives a useful overview of legal cashiering, explaining how to minimise both your costs and your risk by using the right processes.
Finally, Geoff Dunnett explains how and why Third-Party Managed Accounts are being used by law firms as an alternative to holding client monies.