Cash remains king in professional services firms, with poor cashflow being the largest contributor to the failure of law firms in recent times.
Lockup therefore continues to be a hot topic, as the amount of cash tied up in either work-inprogress (WIP), or debtors, directly impacts the ability of partners to draw profits. It can also threaten the very existence of firms.
In the wake of the General Data Protection Regulation (GDPR) and Making Tax Digital, law firms are now facing yet another wave of regulatory change. The Legal Services Board has approved changes proposed by the Solicitors Regulation Authority (SRA) under its ‘Looking to the Future’ programme. Included within the changes is a new set of accounting rules, which come into effect on 25th November 2019.
Bell Lamb & Joynson Solicitors has chosen Pay As You Go legal document bundling software from Zylpha (www.zylpha.com), for use with their LEAP case management system. Zylpha significantly reduces the time taken to produce document bundles, enabling more time to be spent with clients.
When done properly devolving selected, routine HR work to department managers and team leaders is likely to result in efficiencies, cost savings and performance improvement all of which can add up to competitive advantage.
For example, when managers not necessarily trained in HR, are given cloud based tools such as leave management dashboards which they can log into on desktop or mobile, good things happen:
The rise of more and more virtual organisational models for law firms has kicked off a disruption of the traditional fundamentals of the legal sector.
Driven by the need to be closer to clients, reduce overhead and retain talent, firmsare seeing huge benefits in adopting virtual ways of working and, in many cases, starting out with a completely virtual model.
The world of work is in a constant state of disruption, change and evolution. Pressures on revenue and productivity; new players and competition; talent acquisition and retention; security and compliance; client expectations; technology and sustainability are among the factors forcing business leaders to rethink the very essence of how they do business.
Long-time Quill client, Petersfields LLP, utilises the full range of software and outsourcing services from its trusted supplier. Subscribing to Interactive for case management and document management, Pinpoint for outsourced cashiering and Payroll for outsourced payroll and pension management, Quill provides a complete back office support structure for the busy twin-site law firm.
At a time when legal pricing pressures continue to grow, Seddons has joined a recent series of firms who have chosen to invest in matter pricing and planning tool, BigHand Evaluate, along with business intelligence solution, BigHand Quantum.
The fast-growing firm has selected BigHand Quantum to uncover key financial data in real-time which can be used by the firm’s management to make informed business decisions to drive future growth.