And an even better thing is that recent research into top 100 UK law firm finance directors¹ indicates that, of those firms that participated, all firms in the top 100 have an FD or equivalent role. Back-office function? I think not!

The research also highlights that FDs are more mobile now than ever, going from 38 moves in the Nineties to 51 moves in the Noughties. But when it comes to gender, the numbers of female FDs in the top 100 are still low – 12 out of 92 respondents. With only two female FDs in the top 25, a ‘numbers man’ is still a numbers ‘man’…

With end-of-year research coming in thick and fast, the Law Society Law Management Section (LSMS) conducted a survey of its delegates at the recent Legal Finance Forum. Three key issues to tackle over the next six months were identified: How to grow their businesses as the economy starts to recover – ideas flagged included the opportunities to acquire struggling firms, to recruit good people and attract teams; cashflow – in particular minimising amounts locked up in debtors and work in progress; and, how to motivate staff and in particular to retain their best people as firms start recruiting again. Forum chair and LSMS executive committee member, Andrew Otterburn, said that while confidence is fragile, firms were keen not to lose the efficiencies gained in the past year and to keep their teams intact.

And it seems the legal profession are optimistic – at last! At least according to Smith & Williamson’s survey carried out during September and October 2009 – ‘Upturn in optimism’. “The rise in confidence since last year suggests that law firms are seeing the first signs of an upturn, even though swathes of the economy are struggling with recession,” said Smith & Williamson’s Giles Murphy.

The results show that 58 per cent of firms are confident about the year ahead, compared to only 50 per cent last year. However, delving further, the results are a little worrying – 84 per cent have reduced staff costs or are in process of doing so, 41 per cent have less favourable bank terms than a year ago, 63 per cent say time between invoice and payment has deteriorated since last year and 25 per cent say the relationship with their bank is more difficult than a year ago.

Speaking of worrying, I recently read an article that spoke of research indicating that more than 60 per cent of the public cannot name a single law firm². Priceless. More than half said they would be happy to buy legal services from a recognised non-legal brand. Ouch. And, of those that had used a solicitor before, only 27 per cent said they would go back to the same individual. I’ll get my coat…

But before I do, I would like to thank all those who have helped me with this issue of FD Legal, and, as always, if there are any issues you would like to see covered or if you wish to contribute please do get in touch.

Finally, I hope you all have a wonderful Christmas and here’s to a prosperous New Year.

Joanna Lee

Editor

http://www.legalsupportnetwork.co.uk/index.php/resources/top-100-law-firm-finance-directors/

http://www.lawgazette.co.uk/news/public-unable-name-a-single-law-firm-research-shows