Cobbetts to enter administration

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  • I feel really sorry for the hundreds of staff caught up in this who face losing their jobs.
    Sadly this is not the first good firm to face this problem and with market conditions and change they won't be the last. This highlights the need for good strategic managment and financial control within these firms. Manchester Law school at MMU addressed this for the sector in 2010 with their launch of the PG Cert in Legal Practice Management as most legal professionals have not had the bespoke training to help them manage their business and are still grappling with the prospect of new entrants in to the market.

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  • Looking from outside the sector and after speaking to many lawyers, I feel that the main problems have been caused by law firms not being run by entrepreneurs.
    The decision makers have contually tried to run the businesses in the same way as they did decades ago.
    Markets have clearly changed but lawyers still continued to trade without sharing contacts, clients or even best practice with their own teams!
    Most law firms have not embraced the new marketing practices such as social networking & face to face networking.
    They must look at bringing in people from outside the industry to help them look at modernising commercially.

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