Practice Management
Lawyers billing more hours, but write-offs increasing too
Almost all larger law firms are increasing billable hours targets for their lawyers but write-offs are also on the rise, a report has found.
Law firms “lack confidence in negotiating fees”
Seven in ten law firms say they lack confidence in negotiating fees while 40% “do not know with any certainty” what proportion of their client relationships are profitable.
Pioneering apprentices qualify as solicitors at leading law firm
Seven apprentices at the first large law firm to run the training scheme – which takes six years and includes a law degree – have qualified as solicitors.
“Win-win” as Sussex firm embraces employee ownership
A law firm in Sussex has become the latest employee-owned law firm, with its former owner saying he expected more to follow suit. Staff at a firm that did it last month are to receive £500 each already.
Law firm wins VAT battle with HMRC over office leases
A law firm LLP that used a shell company to enter into leases for its offices has won an appeal against an HM Revenue & Customs decision that it could not recover the VAT incurred.
Law firms looking to be bought “do not have the value they think”
Many law firms looking to be bought do not have the value they like to think they have, while multiples used to set the price are beginning to fall, leading advisers have warned.
Lawyers write “user manuals” so colleagues can understand them
The founder of a law firm at the forefront of the wellbeing movement has described how lawyers write “user manuals” about themselves, which colleagues read to help understand the way they work.
Big firms could cut lawyer numbers as profitability “continues to fall”
The profitability of global law firms has continued to decline against a background of “falling demand and surging expenses”, with jobs and equity partner payouts at risk if the trend continues.
Mid-sized commercial firms “need to shout” about their tech offering
Mid-sized commercial law firms need to shout more about how they use technology to help clients, according to a survey that found most say “nothing at all publicly” about it.
Workload-sharing app seeks to boost lawyers’ job satisfaction
An app designed to lift pressure on lawyers burdened by heavy workloads, improving wellbeing and reducing expensive recruitment, has arrived in the UK from Scandinavia.
Blog
Accountability has to live within governance, not with one person
The assumption has long been that a COLP or COFA is personally exposed to the consequences of anti-money laundering breaches.
The SRA’s client money reforms: good intentions, questionable execution
On the face of it, the SRA’s plans to tighten protections around client money sounds sensible. The detail, as ever, tells a more complicated story.
Recruitment, retention and reward in the legal accounts world
Understanding the legal finance market is important – not just for those actively involved in it day-to-day but also for leaders within law firms.
