Financial Planning and Management for Law Firms

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.