Cash forecasts and cash management procedures are crucial for law firms in the current market.
In the past the consequences of not planning and forecasting were limited but in a fast changing economy and with very real prospects of failure, the consequences are now more severe, with less likelihood of white knights prepared to come to the rescue of a firm in difficulties.
Cash forecasting and active cash management now need to be routine and embedded in the normal activities of your firm.
Managing Partner and FD Legal’s new Cash Management in Law Firms report is written to help you achieve exactly that. The report focuses specifically on:
+ Identifying and analysing the barriers to successful cash management in your firm;
+ Developing strategy to overcome these barriers;
+ Reducing lock-up (work in progress, debtors and disbursements);
+ Managing income and outflows;
+ Establishing appropriate funding structures;
+ Accurately forecasting and planning;
+ Successfully communicating with lenders - improving the relationship; and
+ Establishing a firm-wide culture that understands and supports the need for efficient cash management.
The report aims to help you establish the root causes of existing cash management problems and set out a clear strategy that will not only reduce lock-up but enable you to seek out profit and business certainty in increasingly difficult times.
About the author
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Barry Wilkinson is Senior Partner of Wilkinson Read & Partners, a consultancy firm that has been helping solicitors to implement profitability, cash flow and sales improvements since the recession of the early Nineties. He has saved his clients millions of pounds in all parts of their cost structures and put even more into their bank accounts through creative cash flow programmes.
With an unusual ability to bring partners together to move their firm in an agreed direction Barry’s recent successes include helping a client to reduce their ‘lockup’ by £270,000 in a six week period, and helping another to generate £200,000 more profit than expected over four months.
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