When running a law firm, it is essential to prioritise the proper working of your finances.
The Playfair Financial Health Check for law firms includes:
- A review of historic and planned performance
- A review of Working Capital and funding
- A review of partner income, profit and funding
To identify potential issues, it is advisable to consider historical and planned performances within a firm. When Playfair carries out a review, we comment on trends, benchmarking and other vital factors relating to your finances. With this, we will identify positive and negative factors, suggesting improvements where necessary which can contribute to better organisation of the firm’s financial circumstances.
Alongside the performance review, we will inspect Working Capital and funding breakdowns. This includes observations and feedback about suitability and comparables. Where either funding structures are not deemed suitable or overall funding availability insufficient for ongoing trade, Playfair can recommend options or alternatives, ensuring improved operations of your firm’s finances as a whole.
The final part of the Financial Health Check involves Playfair investigating partner fee income, profitability, and funding to highlight any areas of potential improvement and how your firm compares with your peers.
For firms within the legal industry, there are comprehensive regulatory barriers to overcome to ensure that your firm is compliant and that the company’s financial interests are protected. Working in association with The Strategic Partner, Playfair’s Financial Health Check not only considers the firm’s overall finances but the way it operates its compliance, including anti-money laundering and adherence to accounts constraints.
For any business, financial operations must work in accordance with regulations set out by the relevant regulatory bodies within the UK, including the Financial Conduct Authority (FCA), and, for the legal industry, the Solicitors Regulation Authority (SRA).
For law firms, the need for compliance is mandatory according to the SRA. The compliance aspect of any firm must be carefully considered and adhered to. Failure to comply with the regulations set out by the SRA can lead to severe financial implications. Therefore, ensuring that your law firm works to the highest standards is essential, and facilitating a Financial Health Check can be highly beneficial.
If you wish to enquire about having a Financial Health Check for your law firm to ensure compliance and proper financial management, please get in touch with Playfair in association with The Strategic Partner.
The Financial Health Check 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 firm’s review is carried out in the appropriate detail, including a careful audit, and appropriate recommendations at no additional cost.
To enquire today, please call 0203 911 9710