Cover story: 2009 – a recession, a depression and an ailing profession?
9 Feb 2009
As 2008 turned into 2009, certainly this year, rather than new beginnings, brings with it the end of many careers, the demise of some firm practice groups and a whole lot of management resolutions.
As we face the introduction of legal disciplinary partnerships (LDPs), I’m sure back at the inception of the Legal Services Act (LSA), no one imagined we would be in the position we are now in – although there’s no time like the present for change and a little extra cash(flow).
By Joanna Lee
2.
Editor's letter
28 Nov 2008
Welcome to the December/January issue of FD Legal. I had hoped to bring some early Christmas cheer to this issue; however I fear that Father Christmas will be bringing nothing less than a full-blown recession down the chimneys of one and all.
As for the countdown to the New Year, given the current climate, I think the following would be more appropriate than the usual merriment:
10…thousand jobs to be cut by BT – the latest in what can only be described as a worldwide Christmas cull, with law firm redundancies a permanent fixture in the headlines.
3.
Q&A: Simmons & Simmons
10 Jul 2008
When finance director David McLaughlin decided to join the legal profession, he wasn't going to do things by half. He joined first Linklaters, and then Simmons & Simmons, two of the largest UK law firms, at a time of rapid change.
4.
Managing human capital through numbers
19 Mar 2007
Human capital is the largest asset of any law firm, yet far too many firms leave its management solely in the hands of human resources. By managing the numerical aspects of human capital, the finance function has a critical role to play in bolstering the firm’s employer value proposition. By Michael Roch and Karen MacKay, Kerma Partners
5.
Profile - Claire Hafner
8 Oct 2007
Claire Hafner took up the position of finance director at Eversheds in 2005. She has been instrumental in increasing profitability at the firm and driving Eversheds towards becoming a more commercialised operation. Hafner talks to FD Legal about her role.
6.
CC’s London lawyers in salary boost
17 Apr 2007
Clifford Chance has announced that its London lawyers are to get a salary increase of around 15 per cent as well as bonuses of up to 40 per cent as part of a ‘total reward’ package.
7.
The role of the law firm finance function
29 Mar 2010
Recent times have brought the role of the law firm FD and their team under close scrutiny, and no one would deny that this issue is only going to become more important over the next couple of years. The impact of the recession and the predicted consequences of the Legal Services Act 2007 are highlighting the crucial role of the finance function in law firm management.
8.
Case study: Berwin Leighton Paisner
9 Jan 2008
Understanding that successful financial management should involve every member of the firm, BLP has implemented a training programme so that all its fee earners understand and contribute effectively to the firm's finances.
9.
Feature: De-mystifying outsourcing
5 Sep 2008
In the first of two features on how outsourcing has risen to the top of law firm management agendas, Chris Bull strips away the mystique behind the jargon and outlines what has really been going on in the legal world over the past few years.
10.
Accounts receivable: Asset or liability?
19 Dec 2006
Typically, a law firm’s accounts receivable is one of the largest current assets on the balance sheet. But unless given appropriate attention and management, they can all too quickly become a liability. By Stephen Baird, MiniSoft Worldwide
11.
The tip of the iceberg
29 Mar 2010
Derk Kropholler explains how cost savings aren’t the only benefit that legal process outsourcing providers bring to the legal industry.
12.
Role of a law firm general counsel
18 Sep 2007
In recent times, some law firms have appointed a dedicated general counsel to head up risk management across the business. Edward J. Zulkey, general counsel at Baker & McKenzie International, explains the strategic rationale and organisational requirements of such a move.
Profile: Neil Woodcock
30 Apr 2008
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.
The future for employee benefits
28 Nov 2008
Robin Hames looks at the immediate future, the longer term and how to appeal to the new generation of employees.
18.
Business development in context
29 Nov 2006
In the last ten years, multi-disciplinary firm Dickinson Dees has achieved double-digit growth year on year, and increased staff numbers from less than 250 to over 800. With turnover now in excess of £50m per annum, the firm shares some of the secrets of its success. By Robin Bloom, Dickinson Dees
Editor's letter
18 Sep 2007
As the summer holidays come to an end, there is always that feeling of returning to a new school year. Hopefully, a little more refreshed (unless, of course, you’ve been looking after bored kids for six weeks), you may be full of plans for this autumn term, getting yourself and your firm ready for the next year – yes, before you know it, the shops will be full of Christmas decorations too...
Thought Leader
18 Sep 2007
THE NEXT three years will provide a sea-change in how most law firms conduct their business, in particular their financial affairs.
23.
Cover story: Making your headcount, count: thinking laterally and innovatively to stay in business
28 Nov 2008
With all the alarm bells going off about a recession, and our Prime Minister now saying the depressing words about a global recession in parliament (22/10/2008), it seems we should believe the doom mongers. The fact that everyone is talking themselves into this deepening recession is a reflection of the power of the press, TV and other media – and our desire to believe ‘bad news’. Bad news sells – but so does good news, and we all need a ‘drop of hope’ in amongst all this gloom.
By Patricia Wheatley Burt
24.
Thought leader: The economic outlook for transactional firms
5 Sep 2008
After an exceedingly strong 2007/08 financial year, recent reports in the legal press confirm that firms relying on transactional work are worried about the 2008/09 deal season.
25.
Case study: Watson Burton
10 Jul 2008
Watson Burton may boast a 200-year history in the UK’s North East, but the appointment of professional non-lawyers has made the past ten years a decade of unprecedented growth for the firm.
26.
Q&A: Mark Carter, Allen & Overy LLP
10 Mar 2008
Heading up the finance team of the London office of a magic circle firm is no small task. Mark Carter, CFO at Allen & Overy LLP, tells Caroline Poynton about his role and why the finance function plays such a central role in the law firm of today.
27.
Money Laundering - Defensive manoeuvres
18 Sep 2007
Money-laundering compliance is the responsibility of everyone in the firm - lawyers, risk partners and, of course, the money laundering reporting officer. but finance professionals will also play an essential role in safeguarding their firm's future against the risks of money laundering.
28.
The budgeting story: partners know best
19 Mar 2007
Asking the partners to build the budget could get you hot under the collar, but they know their business better than anyone. By Claire Hafner, Eversheds
29.
The survey said?
19 Dec 2006
Now in its 15th year, the PricewaterhouseCooper’s Annual Law Firms’ survey reveals that 2006 has been an exceptional year for many law firms, with average fees per partner and average profits per partner increasing year on year.
Last word
17 Dec 2009
Overhauling your expenses systems
By David Vine
33.
Opportunities from financial turmoil
9 Feb 2009
As an accountant specialising in advising law firms across the country, readers will not be shocked if I say that the last quarter of 2008 was a depressing time to work in, or to advise, law firms. In my market sector, I advise firms with 50 partners or less. Looking at the sector as a whole, this size covers around 75 per cent of firms; therefore my client experience is a good straw pole of the issues that exist within the legal market.
By Andrew Allen
34.
Budgeting for benefits
30 Oct 2008
With firms looking at budgets for the year ahead, Robin Hames puts employee benefits under the microscope.
35.
Anti-money laundering: Is anyone asleep on your watch?
19 Dec 2006
Failure to implement and document money-laundering procedures may lead to criminal sanctions and an irreparable loss of reputation. With so much at stake, the time to mitigate the risks has never been more apt. By Shaun O’Leary, Huntswood Consulting
36.
Clementi – can you afford to stand still?
29 Nov 2006
With time quickly running out for UK law firms to prepare for deregulation, Sacha Ramanovitch considers some of the strategic options.
37.
The benefits of association
17 Dec 2009
An inside perspective on Salans’ recent association
with Pinsent Masons and the benefits it will bring.
By Stephen Finch
38.
Out of the frying pan (into the fire!)
28 Oct 2009
Karl Wingfield looks at a number of actions law firm managers should be considering in order to best position their firm for the future.
39.
Back to school - if the building is still standing...
12 Aug 2009
Francis Dingwall and Frank Maher identify some of the challenges law-firm management teams should be addressing on their return from their summer break.
40.
Is the current recession the best thing that could have happened to the legal industry?
9 Feb 2009
Was anybody really expecting a recession of this severity?
Shocking headlines about the worsening state of the global economy have been inescapable for nearly a year now, and journalists still seem able to find increasingly depressing news stories on a daily basis, regularly assisted by government and the banking and finance sector.
By Patrick Harwood
41.
The strategic use of IT in law firms
28 Nov 2008
In the second part of two features, Neil Cameron examines the technology strategy, from reviewing your existing IT to formulating your plan.
42.
Cover story - The emerging markets – a recession lifeline or a global-firm necessity?
30 Oct 2008
Once upon a time (early 2000), in an emerging market far far away (Asia), the economy was suffering and things were not looking good. Many law firms took action, closing offices and laying off staff – in 2003 CMS Cameron McKenna closed its mainland China office and scaled down its Hong Kong office to a one-partner-led team; 2004 saw Freshfields Bruckhaus Deringer LLP close its Bangkok office, and Denton Wilde Sapte leave the Asian market altogether - Joanna Lee investigates.
43.
Cover feature: Partner compensation
10 Jul 2008
The recent Kerma Partners’ ‘Global Survey of Large Law Firm Compensation Practices’ draws some interesting conclusions about the latest trends in compensation practices, and highlights, among other things, the effect of national cultural differences in the way compensation is handled across the world. Although culture plays a part, there is no doubt that the shifts that are taking place also reflect a continuing quest by firms to establish ways in which partner behaviours and individual performances link with a firm’s overall strategic goals and the achievement of a firm’s economic objectives.
44.
When disaster strikes
30 Apr 2008
Since 1 July 2007, the new Solicitors' Code of Conduct has required all law firms in England and Wales to implement business-continuity management. Allen & Overy's business-continuity plan is now an important mechanism for handling a whole variety of potential business crises or interruptions.
45.
A dead end?
9 Jan 2008
While the legal profession is enjoying widespread business transformation it can still be a tough environment for 'non-lawyers'. Are finance professionals really being given the opportunities to thrive and develop in today's legal partnerships?
Peak performance
19 Dec 2006
DMH Stallard has enjoyed some impressive financial results in recent times, with significant growth paralleled by profit hikes. Here, the firm shares its approach to financial management and cultural change, revealing the strategies used to drive better performance. By Tim Aspinall, DMH Stallard
48.
The merging risk
29 Mar 2010
For at least the past two decades, pundits have been predicting law firm consolidation on a large scale, and have been anticipating frequent mergers in all tiers of the profession.
49.
The evolving role of technology in law firms
17 Dec 2009
The changing role of technology and how can it help firms to deal with the challenges of the ‘new normal’.
By Damien Behan
50.
It looks just like a law firm, but smaller!
12 Aug 2009
Patrick Harwood tackles law firm size, working to a plan, focusing on a clearly identified outcome or just fighting for survival.
51.
Law firms and lenders - who calls the tune now?
22 Jun 2009
William Arthur examines how the credit crunch has changed firms’ relationships with their banks and how to make the most of a more difficult climate.
Do you measure what matters?
30 Oct 2008
As the credit crunch bites, Peter Scott outlines the importance of financial measurement and reporting, and maintaining profitability and generating stronger cash flow.
Feature: Exchange rate fluctuation in the context of partner remuneration
5 Sep 2008
Foreign exchange issues can present problems in the context of partner remuneration. Various internal methods can, however, be employed to successfully address the challenges. By Michael Roch and Clive Zickel.
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.
58.
Financial education
10 Mar 2008
With the government introducing programmes to improve financial knowledge across the UK, it might also be time for law firms to reconsider how they financially educate their employees.
The business case for outsourcing
29 Nov 2006
Deciding to outsource key business functions such as HR or IT is inherently risky. But if the business case is sound, the firm, the provider and any transferred staff should all reap the rewards.
61.
Improving your working-capital management
29 Nov 2006
From poor cash control that allows money to walk out of the door, to inconsistent billing policies that can easily be ignored, improving working-capital management requires time, energy and planning.
62.
Protecting partner assets
10 Mar 2008
While more firms may be looking more seriously than ever at their risk-management strategies, the potential threat of a major claim against your firm is still very real, especially as firms grow and find themselves practising across international jurisdictions.
denotes premium content | Sep 8 2010 
9 Feb 2009
10 Jul 2008
