Our objective is simple, to help firms maximise profitability whilst maintaining an outstanding levels of customer service. We have worked exclusively with Solicitor Firms throughout the UK over many years and understand the issues they face. We have seen what the most successful Firms do well, and what the less successful Firms do less well.
To help improve profitability we need to understand how the Firm is performing currently:
The financial accounts of many Firms are still prepared with a view to minimising tax. The accounting policies adopted vary significantly from Firm to Firm, particularly with regard to the valuation of work-in-progress and the write-off of case acquisition costs. The result is that the true performance of a Firm is rarely reflected in its accounts and meaningful comparison of performance between Firms is almost impossible.
Our initial approach is to restate your recent financial accounts using standard accounting policies so as to identify the Firm’s true financial performance. Having done so, we can then benchmark your performance against that of other Firms.
Claimant Personal Injury work lends itself to statistical analysis and Key Performance Indicator monitoring. Understanding the levels of current operating performance is essential if areas for profit improvement are to be identified. Our Operational Review concentrates on the areas that have a direct impact on profitability including:
We encourage Partners to take a step back to review their business and to look at their business and personal objectives. We ask Partners to set out their short-term profit objectives and their longer term ambitions for capital growth. These objectives may involve growth through acquisition or planning the Partners exit strategy through a sale or management buy-out.
Once the Partners objectives have been identified we can help build a financial and operational model targeted at delivering these objectives.
We set out our findings and recommendations in a formal report which we present to Partners. The report will include an Action Plan and a suggested timetable for its delivery.
DAVID WALMSLEY ACA
David is a Chartered Accountant and former Corporate Finance Partner with BDO Stoy Hayward.
Tel. 0844 249 4168
Mob. 07801 307 105
davidw@verusuk.com