As part of its drive to support the profession as the economy moves towards sustained recovery, Society has launched, free to its members, From Recession to Upturn: Financial Management and Strategy for Law Firms. The publication is aimed at practitioners and explains the importance of forward financial planning in building a sustainable and profitable business.
Written by Andrew Otterburn, co-contributor of the Journal articles on the Cost of Time Survey, the guide aims to provide solicitors’ firms with the tools they need to negotiate the current climate and, crucially, to prepare for sustained upturn. It offers a strategic yet practical approach which the Society hopes will prove to be a useful reference in times of trouble, as well as a benchmark for effective management skills through times of volatile economic improvement.
The material is presented in three parts:
- Part 1 sets the scene for a twofold strategy for firms to move forward
- Part 2 focuses on the most important aspects of financial management in a downturn, including working capital management.
- Part 3 looks forward to the upturn, suggesting how firms can position themselves to take advantage of the potential opportunities.
The guide is based on a version by the same title, published by the Law Society of England & Wales in July 2009. The updated edition has been written specifically for the Scottish profession and has drawn on the experience of Scottish practitioners. It presents, amongst other helpful advice, discussion of nine varied case studies from different parts of the business spectrum to illustrate potential difficulties, and suggests solutions.
It is primarily intended to be downloadable from the Society’s website (www.lawscot.org.uk/Support/recession_to_upturn.aspx), although a limited number of hard copies will be made available. Please contact lauramalcolm@lawscot. org.uk for further details.
In this issue
- When is oppression not oppression?
- PAYE penalties – another trap for employers
- Future on the line
- End o' anither auld sang?
- Rights team
- House prices rising – official
- ABS: time to decide
- Streamlining the Inner House
- When cash is king
- The shape of things to come
- Effective participation?
- Keeping tabs on the EU
- How to survive and thrive - read on
- Law reform update
- All-round support
- Family business initiative progresses
- From the Brussels office
- World IP Day approaches
- Going beyond 2010
- Need life be a pressure cooker?
- Ask Ash
- Target practice
- The essence of victim
- Moved with e-motion
- Precious words
- The future of crofting
- A clash of cultures
- If it sounds too good to be true...
- Website review
- Book reviews
- Services transformed
- Consumer Code for Home Builders
- Estate agency fixed fees: the way ahead?