by Richard Wyatt | 17 Feb 2022 | Advisory, Articles, Finance, Making law firms more profitable, Our Insights, Review, Richard Wyatt
It’s a given that law firms would like to be more profitable. But how do we become more profitable? In the following series of articles, I shall point you to the key issues that you need to address to make your firm more profitable. What are our options? Luckily the...
by Richard Wyatt | 6 Nov 2021 | Advisory, Articles, Finance, Our Insights, Review, Richard Wyatt, Select
Should we look at making our routine banking operations cheaper and slicker? Here are some opportunities. I was a full-time law firm FD until a couple of years ago. Now I help smaller firms by providing those services to them on a part-time basis. That has given me...
by Richard Wyatt | 31 May 2021 | Articles, Finance, Hi Finance, Our Insights, Review, Richard Wyatt
“Our income is not the same as our fees. Is that wrong?” The problem Most law firms and managers within those firms, such as Department or Team Heads, tend to monitor performance by looking at the fees billed by each fee earner/team/department, or the firm overall....
by Richard Wyatt | 14 Apr 2021 | Articles, Finance, Hi Finance, Our Insights, Review, Richard Wyatt
“I can see from the Management Accounts that I need my fee earners to record more time. Nearly all of them are under target for the Year-to-Date. I am sure they are busy enough, but they are just not getting the time down on the system. No matter how many times I talk...
by Richard Wyatt | 15 Mar 2021 | Advisory, Articles, Finance, Hi Finance, Our Insights, Review, Richard Wyatt
“I don’t understand why my firm is profitable and yet we always seem to be up against it with the Bank. We don’t want to be putting in more capital this year so what can we do now to get a grip on this?” Ultimately all a firm’s cash is generated from its fee income in...
by Richard Wyatt | 15 Feb 2021 | Articles, Finance, Hi Finance, Review, Richard Wyatt
“Our issue is, very simply, that we should be making more money than we are, given what I see going on within the business. How do I turn this around?” This problem, or variations of it, is something that I hear almost every week. It goes something along the lines of...
