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The legal profession has its origins in ancient Greece and Rome, albeit in Greece advocates were initially not allowed to charge for their services – a novel concept!


Following a period of decline, the profession re-emerged in Western Europe during the 12th and 13th centuries, and in the UK the Law Society was formed in 1825.So, the profession has been around for some time, and could be said to be the last bastion of owner-manager professionals. However, with the advance of ABS and non-lawyer ownership and external investment creeping into the traditional structure, change could be quite rapid. This is not likely to recede, and the nimble and proactive firms will be the ones who prosper.

These structural changes are not the only challenges the sector faces: increased regulation, recruitment difficulties, cost and price pressures, poor productivity, competition from inside and outside the profession, and what to do about the opportunities and threats posed by new technology? Factor in the uncertainty of Brexit and, of course, the ever constant cashflow demands add up to a considerable number of issues facing most firms – large or small.

At Playfair Partnerships, whilst we can’t assist you with drawing up contracts or litigating clients, we can help your management team evaluate market opportunities and devise strategy, while also looking after the profitability and cashflow of the business.

  • Our legal strategy and growth services will help your management team find and analyse the best market opportunities, then devise a strategy to address them. And, if the strategy dictates, we will support you in helping you source the necessary funding, as well as compiling and presenting the management information needed to monitor and control the business.
  • Our legal financial management and control services will help keep your profits and cashflow healthy. Determining the appropriate KPIs for the business, we provide comprehensive financial management and control and we have the in-depth knowledge of the specific challenges and the application of these services in the legal profession. 
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    Our legal financial management and control services:

    • Budgeting and Forecasting - providing comprehensive income and cost budgets and regular reviews to help plan and control the business
    • Management accounts – regular, timely, accurate and informative management accounts to keep track of business performance, including a comprehensive commentary highlighting all key issues and KPIs:
      o Earnings identification and analysis across all fee earners
      o Profitability analysis including practice area profit statements
      o Detailed cost statements compared to budget
      o Bank borrowings, working capital and lock-up ratios
      o Cashflow reporting and cash projections
    • Cashflow management – planning, monitoring and controlling the cashflow; managing the demands of drawings, tax, PII and other sizeable payments
    • Working capital reports and assistance with managing debtors and work-in-progress
    • Managing the costs of the employed workforce - with payroll, time-sheets, PAYE and auto-enrolment processes
    • Statutory Accounting, VAT, partners/corporation tax and other returns – ensuring all compliance matters are accurately calculated and properly managed
    • Tax planning of both firm and partners and the management of annual returns
    • Review of business structure, succession and retirement planning
    • Review of merger, acquisition and disposal opportunities
    • Negotiation with banks and other funders in relation to business and partner funding
  • Given the above, we hope your firm is in excellent health, but if it is not and is going through a business or financial downturn, our legal business turnaround services are here to help revive the business and restore its long-term profitability and financial stability.

Thanks to our knowledge and breadth of services in the legal sector, we are able to work quickly to support your business. With our integrated proactive approach, you gain anytime access to the level and volume of resources you need, without having to bear the costs and complications of full-time staff.

Please get in touch if you think your legal firm would benefit from some funding, better legal financial management and control, support and advice or is experiencing a downturn – we would love to be able to help.

Click here to download our Legal Services brochure

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4 Post Office Walk
SG14 1DL

01992 929394[email protected]

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