Developing and Maintaining a Profitable Private Client Practice

Number of Pages: 99

There is little doubt that the current recession has hastened the changes that the Legal Services Act 2007 was set to bring to the UK legal profession. But if anything, increased pressure from the economy and from lenders is already forcing law firms to operate as more efficient, cost effective businesses. This essential report explores in-depth the process of developing a comprehensive management strategy that in a tough economic environment will define your approach to: Business development; What services should be offered; People management; Client service; Succession planning; Financial planning; and Exit strategies for the owners. Attention is paid to recruiting, retaining and motivating the best people for your firm with a focus on achieving high levels of performance that are directly related to improving the client experience. And in a difficult economic climate clear advice is also provided for avoiding common pitfalls in the event of redundancies. Cash management practices are thoroughly detailed in the report. A clear understanding is provided for: The working capital requirements of each department; How to guarantee cash flow; Ensuring the best possible financial advice; Formulating a credit control policy; Formulating time recording policies; How to layer finance; and Introducing the use of credit card payments. The report goes on to discuss: Measurement of marketing spend, risk management and IT; Buying, selling or merging - what are the benefits and how do you value your practice? Providing a 'world class service' that retains existing clients and creates a referral culture that will grow business in a predatory market; Raising profile and cutting wastage in your marketing spend; Whether a non-lawyer partner would be an advantage to your practice (or not); and New schemes, products and work through other channels. For any law firm that is serious about maintaining and developing its private client practice this report is the perfect combination of sound management advice and guidance, and innovative and original ideas to promote and market a legal practice.