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.
A review of the effectiveness of your current management information and financial reporting process.
All law firms of all sizes in all locations.
Compile required information. Pre-agreed partners and staff to be available for interviews. Partners and head of finance to attend the closing meeting.
On-site interviews with selected Partners and staff. Presentation of draft report. Issue of final report with implications and improvement actions.
For law firms of up to 50 people, the payment in advance fixed fee is £5,945 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.
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.