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Legal | Financial Management


This law firm had developed a good practice, but needed help with financial reporting and raising new funds to expand their business...

Specialist law firm – financial reporting and re-banking


This law firm had developed a good practice in clinical negligence claims work. However, the fee income was conditional on a successful outcome and payable when finished, which could take over 400 days. Growth in the business exacerbated the situation and cash was in short supply, as was additional bank funding!

However, underneath, there was a good business and hence Playfair Partnerships were retained to analyse and explain the financial performance.


Provide an understandable report on recent financial performance

Whilst all the facts and figures were ‘all there’, they were deeply buried, and outside of the firm, there was no real understanding of the recent performance and the current financial position. Playfair Partnerships collated the last four years’ information and devised a reporting structure that highlighted the key facets, quantified how they had performed and explained their impact on the business, whilst at the same time presenting a current full-year budget. Hence, the recent business development and anticipated future outcomes could be explained alongside the financial information.

Establish and produce a quarterly management accounts report

Building on the above, we again collated the information to report on the actual performance against the recently established budget. However, this was not enough on its own; it was also necessary to understand why any variance to plan had arisen and more importantly, how it would be corrected – in this firm’s case, mainly in cashflow. We therefore introduced a forecasting system and integrated it within the reporting. This allowed all the stakeholders to better understand the current and anticipated financial performance.

Better financial reporting facilitated a re-banking

With all the stakeholders better informed, the firm’s management team were able to talk to other lenders with a comprehensive budget report and a set of MI. This greatly assisted them in negotiating with other banks which resulted in the transfer of the amount to a new bank and the bank providing increased funding.


As a result of implementing comprehensive financial reporting and advice, the law firm was able to source additional cash and used it to further grow the business, with higher sales and profit levels emanating. Playfair Partnerships continues to work with the firm to provide ongoing comprehensive financial reporting and advice.


“Getting John (Playfair) involved in our business is probably the best decision we’ve made in recent years. We were in a frustrating place with our bank, we knew we had a great business but the bank couldn’t see it, were reluctant to get to understand us and even more so to support our growth. John came in, dug deep into our financial information and produced these amazing reports which quite brilliantly and succinctly summed up exactly what we were about. As a result we have a new bank on-board who understand us and is eager to provide the support we need. You cannot imagine the relief now that the shackles have been removed! I simply cannot emphasise enough the pivotal role which the Playfair Partnerships has had in helping to transform our thinking and approach to financing our business”. – Equity Partner

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