Finance directors play a critical leadership role in the legal profession, supporting their firms to adapt to sophisticated and changing client expectations while maintaining internal profits and building the right financial platform for growth.
But with firms looking more broadly – including outside the profession – for the right finance expertise, it has never been more important to understand the challenges of heading up the finance function in law.
We look at the several critical areas that the finance director will need to tackle.
Every decade brings something new and cutting edge in workplace design and working practices. Cast your mind back, if you will – a few of you may even remember the endless rows of single desks of the 1950s. Some will recall the cubiclestyle workstations of the 80s. And even if you were still at school all those years ago, you might recognise the office layouts from the films of the day (think Working Girl or The Secret of My Success).
Outsourcing your law firm’s administrative support functions can feel daunting, but has benefits for both your firm and the staff being outsourced themselves. This blog details what it actually means to outsource your admin functions, and how we work with support staff once they’re transferred to Intelligent Office, ensuring a smooth transition, and providing your firm with the best service possible.
The term ‘outsourcing’ is commonly used, but often there is little thought behind what it actually means.
Back in 2011, Robert Bourns, senior partner at TLT spoke openly about the importance of properly rewarding and promoting law support staff through renumeration schemes. In a piece written for the Law Gazette, Bourns penned…
“Salary structures can be developed to ensure that support staff are incentivised in a way that is similar to the partners interest in profit. Base salaries, with additional remuneration dependent on successful implementation or delivery of particular projects and firm profit.”
Many of a company’s most valuable employees are those that spend much of their working life on the road.
To any law firm planning on implementing substantial change, it won’t be news that a strategic approach is imperative to the success of the transformation. But when this change involves potentially sensitive subjects such as; outsourcing, reorganising processes, reallocating work or introducing new technologies, what does this ‘strategic approach’ look like?
In our blog, we reveal:
Over the course of the afternoon we will recap some of the technological and regulatory developments that effected firms in 2017, before moving on to examine some of the key challenges organisations are likely to face in 2018 when it comes to information governance and security, relevant technology considerations and solutions, as well as our predictions for the development of the industry in the coming year.
For the first time, LPM is holding an event to discuss and analyse the results of its landmark annual research into SME legal technology – LPM Legal IT Landscapes 2018 – and it's free to attend to everyone in legal business management.