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Financial Stability Toolkit

The SRA's latest report on financial stability (February 2014) said its engagement with firms found poor financial management that ranged from "naive to reckless". They have also seen poor practice in the management of client accounts. This toolkit will help firms to address those common financial issues facing many firms. This toolkit will cover the following: What the requirement to maintain financial stability will mean in practice for firms. What are the danger signals and how can action be taken to remedy them? The steps that need to be taken to take control of cash management in order to achieve financial stability. Part of our popular toolkit series, it will contain a mixture of draft policies, procedural checklists and other instruments to assist practitioners in demonstrating sound financial management. The aim is to produce a working resource which practitioners can use to monitor the financial health of the firm. It will form part of a series of toolkits branded with the livery of the Risk and Compliance Service.
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Table of Contents

1. Financial stability; 2. Understanding finance in law firms; 3. Management information, KPI's and early warning indicators; 4. Financial forecasting; 5. Boosting cash flow; 6. Boosting profitability.

About the Author

Peter Scott was Managing Partner of Eversheds London and European offices until 2000. He now acts as an advisor, trainer and coach to many law firms and other professional firms in the UK and abroad. Peter is Editor of Practice Management Handbook (Law Society Publishing) now in its 2nd edition and a member of the Editorial board of Legal Compliance Bulletin published by the Law Society. Andy Poole is Legal Sector Director at Armstrong Watson Accountants and Financial Advisors. Andy specialises in the legal sector and provides compliance accounting, tax and SAR services to law firms as well as added value services such as benchmarking, strategic consultancy, merger assistance, training courses and structural reviews.

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