Hazlewoods team of 27 specialises in strategy, finance, and tax matters across the legal sector.
Collectively we have amassed over 185 years’ service in advising law firms of all shapes and sizes.
Hazlewoods is well known for looking after the production of statutory accounts in compliance with Companies Acts. Conducting audits under SRA Accounts Rules. And satisfying HMRC regulations through the submission of tax returns and computations.
Away from compliance, what else should law firms be considering?
The legal market is going through a significant period of change. We have seen increased activity in practice mergers, acquisitions and flotations. As organic growth can be challenging to achieve more firms are looking to alternatives.
Virtual law firms have become a reality and technology developments are changing the way lawyers work.
Change brings opportunity for law firms
Embracing new technology can lead to increased profitability. For example, case management and accounts software products capture large amounts of data. But does your firm make use of this beyond reporting on department or fee earner performance?
Management Information for law firms
Bespoke financial reports based on your firm’s specific metrics will give you greater clarity on performance. They help you identify exactly where profits are generated or lost.
For example, you can combine information from your payroll records with the time recording system, and other data. This means that you can then accurately compare the output and costs of each legal department and fee earner. You’ll need this data to calculate the true cost of your legal services per hour or day and eventually at a client or matter level.
Are you planning for the future?
Do you know where to find the answer to these important questions?
- What if I want to retire in 5-10 years’ time?
- What should the capital contribution be from each partner?
- How do we implement changes to profit-sharing arrangements for the future?
- How much should we pay to acquire another practice?