Articles covering 'Uncategorized'

Where do you REALLY make and lose money?

on 15 January, 2013 No comments yet -

One of the benefits of keeping good financial records, is that you can really analyse your data and understand what is making your business tick. Periodically – it might be quarterly, or annually – at the calendar year end, or financial year end… it would benefit you to spend an afternoon to look at what is actually happening in your business.

Lisa Newton (CoreLegal founder member and founder of Boogles Ltd, the London-based specialist bookkeeping service for solicitors and barristers) offers her perspective on what can be the difference between profit and loss for  law firms.

Article Categories: bookkeeping,outsourcing,Professional opinion,reducing overheads,Uncategorized
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Legallybetter’s new Client Feedback Service launched

on 21 October, 2010 1 comment so far -

Regulatory changes increase importance of client satisfaction surveys for law firms

The forthcoming ‘outcome focused regulation’ changes from the SRA will see measurement of client satisfaction become an integral part of regulatory compliance, and not just for those firms seeking Lexcel accreditation.
Regular client surveys are a key tool for evaluating client satisfaction, identifying strengths and weaknesses, and highlighting new sales opportunities. But they are time consuming and take up internal resources and time that could be used more productively. Now, smaller law firms can obtain client feedback in a quick, confidential, and efficient way… and save money at the same time.
Article Categories: Hot Topics,Law Firm marketing,Uncategorized
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Getting you know you better – IRN Research

on 2 August, 2010 No comments yet -

In the second of our in-depth look at our service providers we meet David Mort from IRN Research, CoreLegal’s market research experts. There’s a profile of David, we get a few top tips from him and we feature a brand new service available from IRN.

IRN Research

Cost-effective but robust market research for law firms

We have a strong track record in working with law firms to produce meaningful research results and recommendations that can be used to support your strategic planning and business development, i.e. measure service performance, use client feedback to find new sales opportunities, identify new client groups, highlight and monitor business sectors to target. Our range of research services include:

Article Categories: Hot Topics,Uncategorized
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Outsourcing of non-legal services – smaller law firms are beginning to see real benefits and savings

on 12 July, 2010 No comments yet -

CoreLegal founder member David Mort, Director at IRN Research (a market research consultancy specialising in advising the legal services sector) reports on the findings  of a survey on outsourcing among smaller law firms

In May 2010, City law firm CMS Cameron McKenna announced that it was outsourcing its non-legal office functions (e.g. accounting and finance, HR, training, IT, marketing & communications, library and information etc) to Integreon in a multi-million pound deal.

In December 2009, Beachcroft and TLT Solicitors joined a third law firm Osborne Clarke in outsourcing their entire library services in another agreement with Integreon to create the first shared information centre in the UK legal sector.

Both these examples are from large law firms but where does outsourcing fit in for the smaller firm?

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Why should solicitors use Accounts Specific software?

on 14 June, 2010 No comments yet -

As Ben Franklin remarked, nothing is certain but death and taxes. These days, the tax collector no longer sends troops to pillage your house and family, she just demands exact accounting records in the “prescribed” format. Being model citizens (well, most of us), solicitors comply with all these rules and regulations.  Most of us keep our accounts on a professional, SRA compliant accounts package.

But some of us still struggle on with a manual or spreadsheet system. I sometimes wonder why – the process can be laborious and time intensive.  Of course, if you are happy with this method then maybe a software package is not for you.

But, consider this – if you invested two weeks in marketing and client relationships, would it bring in additional business?  Are all your cards up to date, showing the full history of the office and client transactions? Can you do proper “double entry” with just one posting?  Are you able to get last months balances at the touch of a button?  Do you know the profit on the business for the year? Or for the last few months? And have you got any residual moneys on old transactions? Have you transferred all the bills due?

This is before we consider the regulations – VAT has to be recorded and sent to HMRC. And at the year end, all the balances have to be tidied up and made ready for the annual audit. Bank reconciliations need to be made, and kept, every month. Occasionally, for whatever reason, you will have substantial moneys held for a period of weeks. Is interest due? Or not? Can you push a button to find out?

So, in summary, if you want to reduce your workload while increasing productivity and satisfy the taxman into the bargain, then maybe it’s time you invested in an accounts specific software package. There are lots of very good systems to choose from but, for heavens sake, do choose one of them.

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