When managing a law firm, or any business, there are some essential financial disciplines which one should adopt. One of these is a business plan, detailing your planned income and likely expenditure. This helps both control your business going forward and allow you to make informed decisions regarding the firm’s strategy.
At Playfair, in association with The Strategic Partner, we can assist law firms with initial profit and loss budgets and monthly cash flow. Playfair will also provide general comments about the figures, giving practical insight and ultimately contributing to refining the necessary outcome.
As with any business, having a robust financial plan is essential, and this is no different for law firms. Without appropriate planning and contingencies in place, there is the possibility of overspending (potentially leading to limited profit) or underspending (which could result in limited customer onboarding and satisfaction due to insufficient investment). The Playfair Financial Business Plan service allows your firm’s management to see an alternative approach, ensuring overall improvement where possible.
With this one-time (or annual) review, your firm’s plans will be carefully analysed alongside the potential benefits, ensuring that any changes made are appropriate for the firm’s size, typical operations and cash flow.
Unlike a typical business, a law firm’s finances must comply with regulations set out by the Solicitors Regulation Authority (SRA). Therefore, Playfair’s Financial Business Plan service is highly beneficial to ensure that the profit and loss budgets and monthly cash flow are in accordance with the appropriate regulation.
Please get in touch with us to enquire about the Financial Business Plan service by Playfair in association with The Strategic Partner.
The Financial Business Plan service offered by Playfair in association with The Strategic Partner is offered as a fixed-fee service, meaning that no matter the size of your firm or the complexities within your finances, your profit and loss budgets and monthly cashflow will be carefully audited, at no additional cost. To enquire today, please call 0203 911 9710