Review of the management information and financial reports generated by law firms

Armstrong Watson's Legal Sector team will review your current management information and financial reporting practice against your firm's business requirements. We will then present a report recommending improvements to your process to enhance the financial performance of your business.

The recommendations will include what management information should be produced, its format and frequency. They will also include templates, key performance indicators and targets for each department of your firm.

Contact our Legal Sector Partner, Andy Poole, on 07828 857830 or andy.poole@armstrongwatson.co.uk to discuss how we can help you.

What is it?

A review of the effectiveness of your current management information and financial reporting process.

Who is it for?

All law firms of all sizes in all locations.

What are the benefits for your firm?

Be more aware of the position and performance of your firm
Take appropriate action on an informed basis
Improve fee earner performance

What do I have to do?

Compile required information. Pre-agreed partners and staff to be available for interviews. Partners and head of finance to attend the closing meeting.

What are the deliverables?

Interviews with selected Partners and staff. Presentation of draft report. Issue of final report with implications and improvement actions.

What is the cost?

For law firms of up to 50 people, the payment in advance fixed fee is £7,900 plus VAT and disbursements. Bespoke costs agreed for larger firms. Further cost options are also available including those based on a more simplified scope eg: excluding a formal report. All services are to be provided remotely via video conferencing, however, options are available for face to face if required.

How long will it take?

One month.

CASE STUDY

A recent MI review of a PI department revealed that the firm wasn't time recording correctly, and therefore was unable to make informed accurate decisions due to the lack of, specifically, recovery and utilisation rates. The report issued included recommendations for what management information should be produced, what that information should focus on specifically and who should be provided with that information. Additionally target KPIs were suggested.