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Law Firms- Managing for Profit
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Law Firms- Managing for Profit

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Overview
Published 1998
Description
The success of a law firm is so often due to its management techniques. This book provides practical solutions rather than complex theory, identifying those operational areas where practical management strategies need to be applied. Many common practices are not cost effective. This common sense approach outlines the compliance and practice regulations of the various Law Societies state to state and across the Tasman, such as how to improve billings without hiring external management personnel or incurring new compliance costs. Note: This book is an adaptation of Robert Mowbrayís Maximising the Profitability of Law Firms, 1997, Blackstone Press. CONTENTS Introduction The Starting Point: Solicitorsí Accounts Annual financial statements/ Partnersí management information/ Measuring a firmís financial strengths/ Draft Balance sheet and P&L account The Keys to Profitability and Rules of Thumb Earnings of equity partners/ Significance of accounting policies Business Plans: Development, Involvement and Understanding Reasons why firms go bust/ Preparing a master budget/ Fee income budget/ Professional staff costs budget/ Overheads budget/ What happens when the budgets have been set? The Mechanics of Profitability: Gearing, Chargeable Hours, Charge-out Rates, Recovery and Margin Gearing/ Chargeable hours/ Charge-out rates/ Recovery/ Margin/ Gearing, chargeable hours, charge-out rates, recovery and margin: who influences performance?/ Utilisation/ Industry averages for gearing/ Industry averages for chargeable hours/ Industry averages for charge-out rates/ Industry averages for recovery/ Margin Working Capital Control Problems of finite capital/ Importance of work in progress and average debt age/ Cost of "special relationships" when invoicing clients/ Calculating true cost of credit/ Role of management information in working capital control Investment Appraisal Necessity for applying consistent investment criteria/ Methods of assessing capital expenditure appraisal/ Net present value/ Discounting future cash flows at different rates/ Asset control as key management tool Management Reporting Benefits of disseminating financial data/ Right information for right people/ Timely production of data/ Training of information receivers/ Draft monthly information sheet The Development of Personal and Management Skills Introduction/ Significance of partnersí management skills/ What specific skills are needed? The Role of Client Care in Profitability Reviewing reality/ Internal communications/ Attending seminars/ Training partners and staff/ Pricing/ Marketing methods Tax Planning: Keeping the Profits Work-in-progress valuation/ Borrowing/ Service companies/ Retirement planning in solicitorsí partnerships/ Tax management/ Identification of non-professional or trading income/ Bank interest/ Directorships/ Rental income/ Capital gains tax/ Inheritance tax and estate duty
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