Members' benefit of the month
Personal financial solutions for solicitors from WesleyanFind out more
The Law Society of Scotland has launched a business sustainability toolkit to help firms consider and benchmark their financial performance and decide what steps they may need to take. We are grateful to Andrew Otterburn, of Otterburn Legal Consulting, for his work developing these materials, and to Baker Tilly for their input and expertise.
The legal profession has faced a hugely challenging few years, both from the general economic downturn but also from structural change and greater client expectations. While the economy may be showing signs of starting to recover, the market may be changed for ever.
Working with financial advisers, bankers and consultants to the profession, and assessing evidence from the Society's cost of time survey, we have produced a set of free materials designed to assist firms with practical advice. Drawing on Baker Tilly's expertise, a range of indicators were developed and tested with other financial providers to the profession. The level of unanimity that these are the factors every law firms needs to consider was incredibly high, making these materials essential reading for all.
You can use the materials in a variety of ways; you can start with a simple 15-question self-diagnostic to assess if there are risks to your business in terms of financial management processes or you may prefer to go straight to the main toolkit. There are detailed financial diagnostics you can use, including a worked example, which may assist you in identifying specific issues before going back to the toolkit to look for solutions. Online learning will later be available around these issues.
The launch of these materials was covered by the Journal in the February 2014 edition.