Editor's Letter

A familiar criticism levelled not only at law firms, but at business organisations in general, is the lack of really effective cross-functional teamwork. Getting people to work together may be an ideal of the profitable business, but rarely will one find a company that can really boast a truly collegiate culture. Instead, businesses are more likely to suffer either large-scale internal indifference between various departments, or even inter-departmental hostility – for example, if one group is seen to be unfairly taking credit for the work undertaken by another.

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A collaborative approach to financial measurement
Measuring profit in a legal environment is highly challenging due to the nature of differing and complex transactions, involving costs that can be difficult to quantify. Teamwork, however, particularly where technology and accounting teams work together, can produce real results.

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Q&A: Managing risk

With firms facing a new regime in risk management, highlighted by the SRA ramping up its inspection programme, FD Legal asks Annette Fritz-Shanks, of Taylor Wessing, and Fergal Cathie, of Barlow, Lyde & Gilbert, about their perspectives on changing legal attitudes to risk.

Thought leader: Are law firms measuring what matters?
IF A law firm is to build competitive advantage, then every aspect of the firm must be aligned with achieving this objective and function to the highest level. This will require optimum performance by everyone.
One of the perennial questions that arises in relation to introducing a performance-based culture is: 'Yes - but how can we measure performance?'

News
Addleshaw Goddard promotes ten to legal-director role
ADDLESHAW GODDARD has promoted ten of its lawyers to the position of legal director, a role first introduced in the firm in 2002.

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Fees for 2008 biggest fear for finance directors
OVER TWO-THIRDS of law firm finance directors (FDs) believe competition over fees will be a “very significant” risk to profitability in 2008.

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Profile: Neil Woodcock
Having just announced a 37 per cent increase in revenues for 2007, Salans is feeling justifiably pleased with itself, the result of 'marrying prudent judgement with an entrepreneurial spirit', it says. FD Legal talks to COO Neil Woodcock about the firm's financial rise.

Regular
Governance and employee benefits
With trust-based pension plans moving to contract schemes instead, there is concern that employers are now overly disengaged from the employee, leaving a governance vacuum in the retirement planning process.

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Transforming the business
With technology now playing such an important part in legal business processes, it is essential that finance directors understand and interact with the latest IT trends and developments.

News
Partner promotions underline A&O expansion plans
ALLEN & Overy LLP has announced 28 promotions to partner across 15 offices in 13 countries, confirming its ambitions for further global expansion.

News
Dechert offers 13 practice transfer
INTERNATIONAL LAW firm Dechert LLP has told 13 associates in its US finance and real estate (FRE) group there is insufficient work for them in the current economic climate.