ROADSHOWS
Attendees:
“When considering your KPIs, it was suggested that they should reflect the firm’s strategy, they should be seen as the key to the firm’s success, and they should be quantifiable, but also specific to the practice.”
Ashton Hunt
Chris Godsave
Clayton Miller
Daphne Hemingway
David Ingram
Denise Cullum
Dinesh Raja
Howard Sears (Chair)
Managing Director Tees Solicitors
Partner Ketley Miller Joels
Partner Ingram Winter Green LLP
“When to extract money from the practice, and what is the safest and best way to do this?” was next on the list for our attendees. Practices extract money in all kinds of ways depending on their structure, either salaries/fees, dividends, pension contributions or benefits-in-kind. If your business operates as a partnership or as a sole trader, the profits it makes are what you are taxed on, subject to any expenses which are not deductible for tax purposes. When you work through a limited company, the total tax paid by the company and the shareholders will depend on the methods used to extract profits from the company and the amount withdrawn. Ingram explained that they are paid their monthly draw and then he sees what cash there is available; “don’t draw against paper profits but only the money that is available. It may be traditional and old school but it works.”
Managing Partner Bowling & Co.
What are the key performance indicators (KPIs) of a law firm? “We all have different KPIs depending on our responsibilities,” said Strain. Sears said, “We look at pipeline because that allows us to see whether the business is on track”. Daily productivity and time were all important KPIs for those around the table. These indicators are important sources of information for the management of the firm and its staff, and while it can be a challenge to identify them, they are critical to the overall success of the business. When considering your KPIs, it was suggested that they should reflect the firm’s strategy, they should be seen as the key to the firm’s success, and they should be quantifiable, but also specific to the practice.
Partner Price Bailey
Partner Price Bailey
Matthew Strain
Stephen Goddard
Steven Darlington
Head of Business Development & Marketing Woodfines Solicitors
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Partner Price Bailey
Matt Howard
Partner Price Bailey
The impact of technology on practices was something that ran throughout the conversation on the day, with Raja stating that technology is going to have a profound effect on all professions, and if we don’t catch up, we will get caught out. Technology is pushing practices is all sorts of new directions, and while change can be unsettling, Chris Godsave reminded us that the next generation, our customers, expect and respect technology and we need to show understanding of this new, innovative environment and step forward towards the law firm of the future.
Partner Price Bailey
Senior Partner Strain Keville
Head of Finance Seddons Solicitors