Developing and Maintaining a Profitable Private Client Practice
Published on 28. February 2009
Book
Paperback/Softback
108 pages
978-1-906355-46-3 (ISBN)
Description
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.
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.
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.
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.
More details
Language
English
Place of publication
United Kingdom
Publishing group
Globe Law and Business Ltd
Target group
Professional and scholarly
Illustrations
Illustrations, chart
ISBN-13
978-1-906355-46-3 (9781906355463)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
New editions
Viv Williams
Developing a Profitable Private Client Practice
Book
06/2012
2nd Edition
Ark Group
€363.97
Article not available
Content
Chapter 1: The tsunami which hit UK legal services Why was the legal services market ripe for reform? The implications of the current banking crisis for law firms Why now? Consolidation What the experts say What will a profitable private client practice look like? Chapter 2: Planning your firm's strategy What is a strategic plan? The key steps in preparing a strategic plan The vision The mission The values The objectives The strategies The goals The programmes Using hindsight to plan future strategy Assess the current position Drill down Reversing cause and effect SWOT analysis for practice success Strengths and weaknesses Threats and opportunities Develop business strategies Keep it short and simple The value of partner retreats Succession planning Case study: Rowlinsons Solicitors. Chapter 3: Practice and financial management Running a practice more effectively and profitably Recording time Equity partners - goals and objectives Making redundancies in a recession Law firm profitability What are the 'RULES'? Chapter 4: Your people What does the firm actually do? What makes the firm attractive to potential employees? Who are the law firm's potential employees? What do existing employees value and need? What are the 10 benefits that current employees enjoy as a result of working with the firm? What is the competition? Organisational culture - the fit factor Finding and attracting top performers Designing an advertisement that will attract top talent. Chapter 5: Controlling finances and recovering debt Getting paid Engagement letters Managing receivables Proactive approach Litigation or no litigation? Creating a credit control policy Management accounts Potential write-off (bills and disbursements) Time recording Layering borrowings Credit where credit's due Handling disputed fees. Chapter 6: Risk management and professional indemnity insurance. Chapter 7: Buy, sell or merge? Trading on goodwill To merge or not to merge? Succession issues Law firm valuation Preparing for a merger. Chapter 8: Client care Know your clients Client satisfaction surveys Client loyalty schemes Case study: Dawson Hart - customers enjoy extra privileges. Chapter 9: Get bigger, get niche or get out Becoming niche Case study: Thomas Mansfield Extract from Thomas Mansfield website Case study: Woolley & Co Extract from Woolley & Co website. Chapter 10: Marketing the law firm Reducing wasted marketing spend Marketing to existing clients Creating a positive image for the law firm Developing a marketing plan The necessity of a good and up-to-date website Search engine optimisation (SEO) E-mail newsletters Seeking permission Building the mailing list Define your audiences E-mail newsletter tools Seminars and marketing events Networking Direct mail CRM systems The need for a marketing coordinator Value pricing The importance of value Training for law firms. Chapter 11: Other ways of obtaining work and managing the process CRM for client development Giveaways Reasons to make a will Affinity groups Insurance-backed schemes Total Legal Care (TLC) Financial services departments Estate agency Alternative Business Structures (ABSs) Information technology Using technology to improve productivity and profitability