by Richard Wyatt | 25 Jul 2023 | Articles, Finance, Our Experience, Our Insights, Review, Richard Wyatt
The last Budget increased the Corporation Tax rates for those law firms that are set up as Companies. It also reduced the Dividend Allowance, which gave some income tax free to shareholders. If your firm is a Company, it may therefore be costing you a lot of money...
by Richard Wyatt | 12 Dec 2022 | Articles, Finance, Our Insights, Review, Richard Wyatt
Many Managing Partners get exasperated by their firm’s inability to get away from being cash-strapped, despite seeming to make decent profits, whether annually or month-by-month. There is a constant worry about paying the salaries and other major commitments, such as...
by Richard Wyatt | 9 Oct 2022 | Articles, Finance, Our Insights, Review, Richard Wyatt
In my time advising and helping manage law firms, I have twice been asked the question: “What is the single most important factor in making law firms profitable”? Both times I was asked by a firm’s Managing Partner, so it was clearly important to them and equally...
by Richard Wyatt | 10 Mar 2022 | Advisory, Articles, Finance, Making law firms more profitable, Our Insights, Review, Richard Wyatt
This is the last of this mini-series on law firm profitability and how to effect serious improvements in Net Profit. The previous articles illustrated that there was only one sound way to improve law firm profitability, which is to improve fee earner productivity. You...
by Richard Wyatt | 3 Mar 2022 | Advisory, Articles, Finance, Making law firms more profitable, Our Experience, Our Insights, Review, Richard Wyatt
So far in this mini-series, we have looked at two ways of increasing law firm profits. Firstly, by only increasing fee earner numbers, and Secondly by making fee-earning staff more productive, i.e., they produce more Income, per fee earner, per annum. We concluded...
by Richard Wyatt | 24 Feb 2022 | Advisory, Articles, Finance, Making law firms more profitable, Our Insights, Review, Richard Wyatt, Select
This is the second in a little series of short articles, where we are looking at what is the best way to make law firms more profitable. In the previous article, we mentioned that there are three main ways to increase profitability. They are: Increase fee earner...
