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15 March 10

Society publishes guide to forward financial planning for practitioners

As part of its drive to support the profession as the economy moves towards sustained recovery, Society has launched, free to its members, From Recession to Upturn: Financial Management and Strategy for Law Firms. The publication is aimed at practitioners and explains the importance of forward financial planning in building a sustainable and profitable business.

Written by Andrew Otterburn, co-contributor of the Journal articles on the Cost of Time Survey, the guide aims to provide solicitors’ firms with the tools they need to negotiate the current climate and, crucially, to prepare for sustained upturn. It offers a strategic yet practical approach which the Society hopes will prove to be a useful reference in times of trouble, as well as a benchmark for effective management skills through times of volatile economic improvement.

The material is presented in three parts:

  • Part 1 sets the scene for a twofold strategy for firms to move forward
  • Part 2 focuses on the most important aspects of financial management in a downturn, including working capital management.
  • Part 3 looks forward to the upturn, suggesting how firms can position themselves to take advantage of the potential opportunities.

The guide is based on a version by the same title, published by the Law Society of England & Wales in July 2009. The updated edition has been written specifically for the Scottish profession and has drawn on the experience of Scottish practitioners. It presents, amongst other helpful advice, discussion of nine varied case studies from different parts of the business spectrum to illustrate potential difficulties, and suggests solutions.

It is primarily intended to be downloadable from the Society’s website (www.lawscot.org.uk/Support/recession_to_upturn.aspx), although a limited number of hard copies will be made available. Please contact lauramalcolm@lawscot. org.uk for further details.

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