Advisory for Solicitors
For legal practices to operate effectively, day-to-day financial matters need to be in the best possible shape. At Howard Worth we have a dedicated Solicitors’ team that supports law firms across the North West, from one director businesses with a niche specialisation to long established multi-discipline firms, our advice and support is designed to help law firm leaders achieve their goals.
Andrew Hague heads our specialist team. Andrew is a committee member of the UK 200 Group Legal Panel and is Howard Worth’s specialist law firm advisor. Through this role Andrew delivers training and advice to solicitors including profit improvement workshops developed by the UK 200 Group. A key part of the PIP programme is the practice analyst tool – ProfitWatch© for which we are accredited trainers.
Our extensive accountancy support and advice for Lawyers covers –
Do delays with payments affect cash flow in your practice? Are partners disgruntled having to provide additional capital to finance the business? Would profits be better if finance charges could be reduced? Do you worry about how to pay the next VAT bill?
Howard Worth can help through the use of our cash flow modelling tool. This can show how changes within your firm can improve cash flow, reducing stress and sleepless nights.
Have you given any thought to how your practice will continue once you retire? Do you have a suitable management structure in place to develop the partners of the future? Have you considered your exit strategy? It’s easy to focus on the day to day running of the business without considering the changes that will be needed at some point.
Call us to discuss succession options for your firm and learn more about how we can develop key staff, enabling them to achieve management expertise, ready to take over the reins.
Is the business efficient in generating profit? Are the staff up to generating the appropriate fees? Staff do not always have their focus on fee generation and how this impacts on the business’s profitability. Through our in-depth knowledge of ProfitWatch© we can deliver training to key staff so they understand they main drivers and KPIs, within your firm and how it compares to others.
Solicitors Accounts Rules
It can be easy to fall foul of rules and regulations, however not working to these can have serious implications for your practice. Do your staff undertake regular training to refresh and update their knowledge?
We specialise in Solicitor’s rules compliance, which are undertaken in an effective and timely manner.
Howard Worth can tailor our compliance support with the specialist reporting requirements of the Accounts Rules and provide management reports to highlight key areas of suggested improvement.
Although the documenting of worked time can seem like an unnecessary administrative task, without it, valuable fee income is lost. Recording time spent in and out of the office and compiling a detailed narrative of activities undertaken is vital for both invoicing and payments for the practice. We can help to create and implement a system of time recording that will drive efficiency and improve staff utilisation.
For fee-based businesses, stability when the going gets tough and income fluctuates is essential. We can assist with setting appropriate fee levels, financial forecasting and managing and improving cash flow to help you weather economic storms and help with strategic planning.
For further information on any of our services for Solicitors, please contact Andrew Hague.