Business planning and efficiency significant issue for law firms: NatWest Legal Conferences

Print This Post

26 October 2015

NatWest200Law firms are looking closely at business planning and efficiency according to delegates at this year’s NatWest Legal Sector Conferences.

The series of free regional conferences, held across Edinburgh, Leeds, Coventry, Manchester, London and Bristol in October, are in their fifth year and the first held with new partner mma digital.

Ahead of the series, 338 participants took part in a survey, listing their predictions for the year as well as business behaviour and performance.

According to the survey, 89% of firms have business plans in place with 79% also having a detailed time recording policy.

Outlook was also largely positive, with 65% of firms predicting fee income to grow over the next year and 45% believing that margins will improve.

The conferences looked at how law firms can exploit new channels to market, improve profitability and partner performance and deliver business strategy via alternative funding structures.

Steve Arundale, head of professionals at NatWest, said: “It’s great to see a largely positive outlook for the coming year, although some predictions were slightly down on the previous year.

“It’s key that law firms are concentrating on operating in the most efficient way, and accurate time recording and business planning is a vital step towards achieving this.”

Delegates heard from expert speakers including: Dez Derry of mmadigital, Stephen Gold of Stephen Gold Consulting, Peter Scott of Peter Scott Consulting and Colum Smith from McMillan Williams Solicitors Limited.

Dez Derry, CEO of mmadigital said: “In 2015 it is crucial that law firms start utilising alternative methods online to win new business and secure their future. Digital marketing plays a key part in this, so it was fantastic to collaborate with NatWest and have the opportunity to speak to hundreds of firms about what they can do to get ahead in a highly competitive market.”

Associate News is provided by Legal Futures Associates.
Find out about becoming an Associate

Legal Futures Blog

The skills shortage in law firms is the biggest threat to handling cybercrime

CLC Roundtable discussion at Malmaison Hotel, Charterhouse Square

The skills shortage in our businesses is the biggest threat to our industry when looking at cybercrime. Cybercriminals are not just after money but are looking for sensitive information too, so the legal services sector is an obvious target. In the last year we have had reports of around £7m of client money being lost to such crime. This is not an IT issue and it should not be left to the IT teams to sort out. It is a high-level responsibility and a board-level issue that must be taken seriously. We suspect that we will look back on 2016 and ask why we didn’t respond quicker.

March 21st, 2017