The implementation of the Legal Services Act 2007 and the subsequent new SRA code of conduct published in October 2011 have added yet further challenges for those running solicitors practices.
As if the traditional challenges faced by small and medium sized practices such as the escalating costs of PI insurance were not enough, they now have to deal with the requirements of the new SRA Outcomes Focused Regulations. At the same time they are facing increasing and innovative competition from within the sector and from Alternative Business Structures (ABS) with significant financial backing.
With this in mind it is hardly surprising that some industry experts are predicting that as many as 3,000 high street law firms, or 35% of the total, may disappear during this time of upheaval.
Whether you believe the wilder scare stories or not, to succeed, Partners and Directors of small to medium sized firms are being challenged to implement changes to their procedures, improve their risk management and appoint their compliance officers all the while having to win work, and then actually get paid for that work. For most there simply isn’t the time in the day to achieve all this, nor are the funds available to employ an experienced full time Practice Management team who are capable of delivering the strategic changes required.
Support for Partners and their Practices
Esterase specialises in providing the practical expertise and support required to help you lead your firm through these challenging times. Focused on small to medium sized practices we have the professional experience to help your firm become more competitive and commercially focused, without resorting to excessively expensive solutions and while ensuring your processes and procedures meet the new Outcomes Focused Regulations.
In particular we can assist with:
- Financial control and management of accounting processes and client accounts
- Credit control and cash flow management
- Developing and implementing robust but practical practice procedures
- No-nonsense risk management
- Creative marketing strategies and their implementation to build the client base and develop market share.
- Development of future strategy
- Provision of non-exec/independent support to Directors, Partners
- Preparation of Compliance Plans and Procedures to meet the new OFR requirements
- Administration and technical support for Compliance Officers, allowing them to deliver their responsibilities to their full potential.
Our goal is to help you to manage your firm as successfully as possible by providing real-world, commercially sensible advice and support.