News UK 200 The Lawyer UK 200 Preview: Come on, united By Joanne Harris 12 August 2013 00:00 18 December 2015 10:20 Sign in or register to continue reading. It's FREE Sign in Email Password Keep me logged in Forgot your password? Not registered? It's FREE! Register now Register with The Lawyer Ashley Balls 15 August 2013 at 22:29 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. Reply Link Ashley Balls 16 August 2013 at 02:06 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. Reply Link Anonymous 16 August 2013 at 22:20 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. Reply Link Anonymous 19 August 2013 at 16:22 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. Reply Link Name Email Cancel reply Threaded commenting powered by interconnect/it code.