From Rescession to Upturn: Financial Management an...

SQUEEZING OUT OF THE SLUMP: EVERY LAWYER SHOULD READ THIS! An appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers In the storm-tossed times we live in, the words of wisdom from this rather superb booklet from the Law Society, when judiciously applied to your own financial situation, should effectively act as a golden compass of sorts to help you navigate through the choppy seas of recession. The book is aimed at solicitors working in medium to large law firms, although all solicitors will benefit by it and indeed I believe that barristers and their clerks in chambers should read it too, particularly the nitty-gritty chapters with their commonsense advice on such basics as billing, payment terms, disbursements and client queries. We all need reminding, just to give one example referring to disbursements that ‘many partners shy away from billing disbursements. Some fear that it might seem trivial and would upset clients. In fact the opposite is true because corporate clients will view this as businesslike behaviour. Clients would not act as a banker to their legal representatives.’ Amen to that. As ‘businesslike behaviour’ remains more or less the holy grail of business, particularly in the professions, this book is nothing if not the solicitors’ secret weapon for financial survival. Written by leading experienced professionals, ‘From Recession to Upturn’ provides you not only with the tools you need to negotiate the current climate, it also aims, crucially, at preparing you for the eventual upturn. Its strategic yet practical approach: includes case studies from finance directors and other professionals to illustrate potential difficulties and suggest solutions. In Part 1 the scene is set for a twofold strategy to move your firm forward, while Part 2 focuses on the most important aspects of financial management in a downturn including working capital management. Part 3 looks forward to the upturn, with ext...