Financial Stability Toolkit

Armstrong Watson is delighted to announce the launch of the first publication by Andy Poole and Peter Scott, which is now available to buy from The Law Society Bookshop.

The Financial Stability Toolkit has been developed in response to increasing pressure being put on law firms to be run as successful businesses. Traditionally management reporting and KPI’s have not been the focus of many law firms, but in an increasingly competitive marketplace post-ABS, not having a financially stable firm is a very risky position to be in.

What are the benefits for your firm?

  1. You will have a greater understanding of financial issues in law firms
  2. You will know how to boost profitability and cash flow
  3. You will know what to do if your firm is not operating as you would like it to be.
  4. You will be able to take your high performing firm and generate even more.

Samantha Barrass, former SRA Executive Director:

“Unlike the banks, failing law firms won’t be bailed out by the tax payer. Instead, any costly interventions necessary to safeguard clients will be met by all of you here today; firms run responsibly, diligently and effectively picking up the tab for those that aren’t”

A recent SRA report on financial stability said its engagement with firms found poor financial management that ranged from "naive to reckless". This toolkit will help firms to address those common financial issues facing many firms.

Earlier this year, The Law Society endorsed Armstrong Watson for the provision of accountancy services to law firms in the North of England.

Nigel Spencer, Chief of Commercial Affairs at The Law Society comments:  

‘Throughout the endorsement process, we have been continually impressed with the quality and standards delivered.’

Andy Poole, Legal Sector Partner at Armstrong Watson runs regular Breakfast Briefing sessions across the North of England and Scotland covering many of the key learnings from the toolkit. To find out more, get in touch.


The Law Society Bookshop

The toolkit is available directly from The Law Society Bookshop and includes a CD