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From Recession to Upturn

From Recession to Upturn Financial Management and Strategy For Law Firms

Author: Andrew Otterburn; Sarah Wilkinson
Publisher: Law Society Publishing
ISBN: 9781853287947
Published In: July 2009
Format: Paperback , 96 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Steer your firm through these difficult times with From Recession to Upturn - Financial Management and Strategy for Law Firms. This special guide provides your firm with the tools it needs to negotiate the current climate and, crucially, to prepare for the eventual upturn.

Written by leading experienced professionals, the book offers a strategic yet practical approach:

Part 1 sets the scene for a two fold strategy for firms to move forward
Part 2 focuses on the most important aspects of financial management in a downturn including working capital management
Part 3 looks forward to the upturn, suggesting how firms can position themselves to take advantage of the potential opportunities.

The book includes case studies from finance directors and other professionals to illustrate potential difficulties and suggest solutions.

Part 1 - The effect of the economic slowdown on firms:
1. 2009 to 2012 - a changing landscape for law firms;
2. Firms in trouble;
Part 2 - Effective financial management to stabilise the business:
3. Stabilising the business - cash and profitability;
4. Making sure everyone understands the figures;
5. The main KPIs to monitor during a recession;
6. The starting point for credit control - getting the initial agreement with the client right;
7. Debtors and WIP management;
Part 3 - Positioning the firm to be ready for the upturn:
8. Strategy post-recession;
9. Implications and opportunities post-Clementi?;
10. Merger as part of your strategy?;
11. Tackling change positively;
Conclusion.

A chartered accountant and management consultant, Andrew has advised around 250 firms in the UK and Ireland on their management and profitability. His most recent book, Profitability and Law Firm Management was published by the Law Society in 2002, with the second edition published in 2007. He is joint author of the annual survey of law firms in Scotland, published by the Law Society of Scotland. In 2006 he was an advisor to Lord Carter's review of legal aid procurement in England and Wales. He is a course tutor at the Nottingham Law School, a member of the Executive Committee of the Law Management Section, and a founding member of the Law Consultancy Network.

Sarah Wilkinson is a chartered accountant and Finance Director of Field Fisher.

"The book is a mine of information - filled with easily understandable bite-size sections, illustrated with graphs, tables, calculations and case studies. It is a publication that approaches financial issues in law firms accessibly and authoritatively. Both authors are well-versed in financial issues in law firms."

Modus Operandi

"This excellent special report is to be welcomed because it will successfully squeeze your business practice and all the surrounding issues we face as lawyers out of this potential slump with its sensible strategies for the future."

Phillip Taylor, Richmond Green Chambers