To purchase access to the full report visit www.thelawyer.com/uk200 

The Lawyer UK 200 Preview: Come on, united

  • Print
  • Comments (4)

Readers' comments (4)

  • The 40% having in excess of 150 days lock-up is indicative of a very serious problem. This is especially so as firms are many firms are attempting to 'fix' operational problems by buying into all kinds of fancy nostrums such as marketing, CRM programmes and pricing policies. These are virtually pointless unless the basics are 'sorted'. I have been working with law firms for 30 years and can show any firm how to reduce this figure to 90 days within 12 months. The best I have achieved is 63 days. Start with the obvious - WIP is NOT an asset it is liability.

    Unsuitable or offensive? Report this comment

  • Interesting! When you re-cast these figures on a profit per lawyer basis as opposed to PEP which is easily manipulated by the simple expedient of de-equitisation you get a very different result. Then do it again as a time series exercise and profits don't exactly look rosy. Factor in the lock-up figures which for many are at a staggering 150 days (when 90 is achievable by ANY law firm) and there is some explaining to do. Any investor would do just that (and more) which may explain the financial services industry's reluctance to cosy up to law firms. Operating performance figures are not going to be fixed by buying in nostrums designed to fix exogenous 'problems' e.g. Business Development, Leadership, Pricing, Marketing etc. when the basics of money management and day-to-day client engagement, WIP & Debtor controls are being are not being ignored.

    Unsuitable or offensive? Report this comment

  • In essence, these premium law firms are comprised by a high proportion of non-performing partner, ie those who bring in no work, can develop no relationships and yet think they are great lawyers. Wake up!!! Law is a business, if you can't generate work or relationships move out for those who are hungry to do just that. Partnerships are run as a club, not a business so the problems and the failures will persist.

    Unsuitable or offensive? Report this comment

  • Anon 10.20pm 16 August

    "Partnerships are run as a club, not a business so the problems and failures will persist".

    I assume you mean with the exception of Bond Dickinson LLP, a leading national law firm, which is in the process of creating something meaningful, exciting and inspiring.

    Unsuitable or offensive? Report this comment

Have your say

Mandatory Required Fields

Mandatory

Comments that are in breach or potential breach of our terms and conditions in particular clause 8, may not be published or, if published, may subsequently be taken down. In addition we may remove any comment where a complaint is made in respect of it. These actions are at our sole discretion.

  • Print
  • Comments (4)