How can we help?
It is essential that the owners of law firms, like any other businesses, understand their financial position. This will not only ensure business success but also financial compliance.
Any firm needs to have the process, systems and people in place so that financial controls and management can be reviewed continuously. This means that firms would be able to identify and respond to irregularities immediately should they arise as well as monitoring success and adapting activities accordingly.
We can assist in the following ways:
- Review the recent financial performance and trends for your business
- Assess your WIP, aged bills and aged disbursements and set up credit control procedures
- Review your policies and procedures against SRA requirements
- Prepare a business plan for bank or other third party
- Put in place robust financial controls so that you are able to manage your own finances effectively
Depending on what works for you we can agree a monthly retainer or quote for a one-off project.
What to do next
If you are not already a member then JOIN NOW and we will arrange for you to have your initial member review and financial review. From here we will agree what further consultancy support would be suitable for your firm and then provide you with a proposal and quote based on these discussions.
If you would like to talk to someone before joining, or are already a member of Symphony Legal and are looking for additional support, then complete the form below or contact Rich Dibbins (email@example.com) who would be happy to talk through options with you.
A three-partner practice had a substantial overdraft facility – the result of previous partners leaving and investment in property. The bank had placed the firm into business support and insisted on an independent business review of the practice (IBR). Our consultancy team were engaged and represented the partners in a meeting with the bank and the IBR provider. Typical of many practices there was significant lockup in the practice from many years of poor credit control and slow billing of WIP.
We utilised the experience of one of our consultants to work on the WIP and debtors into a practical position. We agreed with the Partners to write off WIP and debtors that were not recoverable and prepared a business plan for the turnaround of the practice. We negotiated with the bank for additional facilities to enable the implementation of the business plan and layering of the debt into fixed loan and overdraft.
We implemented the business plan with the partners, keeping the bank informed of progress on a monthly basis. Within 12 months the firm was returned from business support back to the original bank manager and the partners were able to grow and develop their original business.