Making it easier to grow your law firm

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This section covers succession, specialisation, mergers, selling a law firm, becoming a partner, and business structure

How to set up your firm’s systems to provide the information that enables you to improve profitability and cashflow

How to avoid professional negligence claims, with examples of common problems and suggested solutions. Plus FAQs on PII

This is a new section and only covers SRA Accounts Rules and GDPR at the moment. More articles will follow

How to protect your law firm from cyber attacks. What steps to take if your systems are hacked

How to recruit and retain a team that is both happy and highly effective, dealing with the HR issues along the way

In marketing, like anything, you need to get the basics right. Otherwise the time and money you invest in marketing will be wasted

How to win new clients, make the most of existing relationships, encourage referrals and generate new leads

How to approach creating a law firm website that works, from agreeing your objectives to making sure you get the results you want

Why lawyers need to know about social media, how to make the most of the opportunities and how to avoid potential pitfalls

How to use PR to build your firm’s reputation; and how to create cost-effective advertising – traditional and online – that delivers results

Finance and accounting - overview

Darren Cable of Lloyds Bank

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.

Andy Poole provides us with a quick summary of the nine types of finance used by law firms and some advice on cash flow management during these difficult times.

David Newbury answers the most common questions on bank finance (43 FAQs) and security for borrowing, and offers a checklist of how to deal with lenders.

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.

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