Practice Management

Facing financial challenges

In short it is a simple matter of some firms not paying enough attention to the key financials which underpin their survival and success. In England as in South Africa other incentives have arisen to focus on financials, such as the economic "new normal" emerging from the downturn which has made consumers of legal products more demanding and aware of costs transparency. Cutting costs, reducing staff and refocusing strategy on the practice areas that remain reasonably strong, all help in increasing profits.

An emphasis on IT has been core to those firms which have continued to do well because systems are capable of being tailored to a firm's particular needs and requirements, allowing financial data to be translated into valuable management information that highlight business trends and guide strategic decision making.

Article on LawGazette

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