Financial Stability Scorecard.
Analyse the gaps in your financial controls...
Are you ready to improve your financial stability?
With continued pressures on business cashflow, many in the legal sector predict a significant failure rate in legal practices. This predication has unnerved many in the sector - not least insurers and lenders - which has made it more difficult for firms to secure Professional Indemnity Insurance cover and the means to pay for it.
With insurers and lenders likely to tighten acceptance criteria, it has never been more essential to find ways to effectively evidence your firm’s approach to financial management. Doing so will not only offer third parties (and your management team) a better understanding of your firm's approach to finance; it can also help you to improve your processes and procedures in order to ensure long-term financial stability.
It takes only 5 minutes to complete, but can offer a set of essential insights that could change how your firm manages its finances. You’ll be presented with a series of yes/no questions, and won’t be asked to provide any sensitive financial information. Our model will then clearly outline what is going well for your firm, and identify areas for improvement.
How can we help?
Whilst law firms must produce financial accounts, this only offers a ‘rear view’ of the firm's performance. It gives little insight into the firm’s approach to financial management and therefore its financial stability. With this in mind, the SRA has mandated that firms should actively monitor their financial stability and business viability.
However, it is difficult to pinpoint what to review and which actions to take, unless you have an experienced Finance Director or accountant on board that knows your business inside out and has the knowledge and experience to proactively support the firm.
This is why we developed our Financial Controls Scorecard.
"The Financial Controls Scorecard is a free resource helping law firms to assess the effectiveness of their financial management controls. This essential tool can help to develop a sustainable financial strategy for the business."