Amid the revenue and profits figures and the ups and downs is data that will interest anyone with a financial bent – work in progress and debtor days. In today’s finance-focused edition of The Lawyer Management Louis Baker, head of professional practices at accountant Crowe Clark Whitehill discusses the impact of lockup. The accountancy firm’s annual legal market survey shows a worrying tendency towards excessive lockup days, with around 40 per cent of respondents reporting in excess of 150 days despite many UK firms facing severe economic pressure.
Baker highlights a worrying potential conflict between the pressures on individuals – primarily partners – to develop new business and a corresponding lack of discipline in client acceptance procedures. It all adds up to significantly poorer financial management. As he says, “winning new work is ultimately fruitless if there is no financial gain to be made”.
Elsewhere in this issue the new requirement for employees to be enrolled into a pension scheme is already raising both issues and opportunities for law firms, as Portus’ proposition and development director Steve Watson reveals.
In addition to these stories, check out HP Autonomy’s briefing on information governance and forensic investigation and IntApp’s insights into the risk management issues surrounding new business intake.
Also a quick reminder that the inaugural The Lawyer Management conference and awards are rapidly approaching and is in fact now virtually a sell out. For details of the last remaining tickets contact email@example.com.