Law Society launches business sustainability toolkit
The Law Society of Scotland has launched a business sustainability toolkit to help law firms benchmark their financial performance and take steps to improve their business.
Alistair Morris, Vice President of the Law Society of Scotland, said: "The legal profession has faced a hugely challenging few years and as we begin to see encouraging signs of the market picking up, it's important that solicitors take the time to check the financial health of their firms to ensure that they can make the most of new business opportunities as they emerge.
"We have worked with financial advisers, bankers and consultants to the profession, and assessed evidence from the Society's annual financial benchmarking Cost of Time survey to produce this set of free materials which provides practical assistance for our members to assess how well their business is doing and establish what steps to take to improve their financial standing, including guidance on areas such as partner drawings and capital."
Solicitors can use the simple 15 question self-diagnostic tool to assess if there are risks to their business in terms of financial management processes or can make use of detailed financial diagnostics, including a worked example, to help identify in specific issues before going back to the toolkit to look for solutions.
The Society has worked with Andrew Otterburn, of Otterburn Legal Consulting, and leading accountants and business advisers Baker Tilly in developing the new materials and plans to offer online learning around these issues later in the spring.
The new business toolkit is available on the Society's website.
28 February 2014