Measure and report what matters: Effective presentation of financial information to lawyers
October 18, 2012
Financial stability is now a mandatory outcome under the new SRA Code of Conduct and it's essential that law firms measure what matters and turn raw financial data into high quality information which will enable their lawyers to more effectively manage their practices.
However, many law firms are still not providing their partners and fee earners with adequate financial reports to allow them to improve their performance. This results in essential reports being ignored and important actions are not being taken, as shown by this comment from a fee earner in one firm:
"I don't have a clue about the financial reports I receive".
High quality financial measurement is necessary to underpin the success of a law firm. However, in order to achieve optimum profitability and cash flow from available business, overcoming the obstacle of how best presenting financial outcomes to partners and fee earners is essential for enabling profitability and productivity.
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