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Big Data' seems to be the latest buzz term lighting up the media - the basic concept is that through collecting lots of separate bits of data and looking at them holistically you can spot trends and predict future outcomes - so how could the concept be put to use with regards to legal revenue management?
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In the increasingly competitive “war for talent” we are experiencing in the world of hiring these days, you’d be forgiven for being a little surprised to hear that there are employers who will go through a lengthy application and interview process and then knowingly offer their preferred candidate a salary lower than the figure they’re looking for.
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The ultimate role of the COFA (as set out in the SRA Authorisation Rules) is to ensure compliance with the SRA Accounts Rules 2011, and to record any failures of compliance. But the SRA’s Quick Guide to OFR implies that the COFA has a duty to report to the SRA when the practice is in serious financial difficulty. Yes, you guessed it: there is no definition of serious financial difficulty given.
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This is where we at LSN will post a message about every Christmas card we get, thanking the sender. Mmm, Christmas goodness
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COFAs need to get their own firms in shape before 1 January 2013 when the role comes into force, says Richard Hill.
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The SRA has again delayed the date on which its in-house watchdogs (COLP/COFA) come into force. It seems the SRA, despite some encouraging rhetoric, is still struggling to come to terms with licensing ABSs and getting to grips with its new powers. But while firms and compliance officers (COs) in waiting will undoubtedly be pointing the finger at the SRA, they may need to refrain from the blame game in their own firms to ensure the COFAs/COLPs carry out their roles productively.
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David nips to Law Vegas to Thomson Reuters Elite's US global user conference and finds out what's in store for one of the world's biggest legal IT companies... "Elite's acquisition strategy is one of the most interesting things to come out of my visit. We’ve seen a lot of companies take this route to market dominance, but have we ever seen it done well? Only time will tell, but for the most part, the Elite strategy appears to be a good one..."
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I'm sure you have all decided who you want to nominate/appoint as your COFA, but how much research and thought has gone into that decision? There seem to be a number of schools of thought on this and, the SRA website being its confusing self with OFR advice, no one is quite sure which school is the right one for them.
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Having recently paid our PSA bill, I was relieved to learn that this week HM Revenue & Customs decided not to abolish the tax relief on late night taxis.
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Law firms are increasingly getting to grips with the concept of rewarding high performance - but just as they are, the introduction of ABS will throw up more new challenges.
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When times are hard, you often end up digging around in the sofa for a few extra quid.
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I was very interested to read about the Institute of Legal Cashier & Administrators' (ILCA) recent decision to review their name, and their subsequent shift to the Institute of Legal Finance and Management (ILFM).
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News this week that CMS Cameron McKenna has essentially changed its shopfront by openly laying out a new charging scheme - with some very interesting 'rules' - relates to what we've been writing about at LSN recently so much I felt compelled to write this blog.
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With social network and groups growing by the month, I was pleased to meet with Eric Toh and Claire Rowles of the Account Managers' Network, a new membership group for those who manage client relationships or are responsible for key account programmes.
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Whilst we actively encourage people to post questions on the LSN discussion forum, we also regularly receive questions via email from a wide range of professionals in law firm management.
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