Surviving the downturn
Contents:
Advice and tools
Tax payment difficulties practice note - updated version
Following discussions with the Law Society, HM Revenue and Customs have agreed arrangements for practices to defer paying tax during the economic downturn. The arrangements will be managed through their recently launched Business Support Service.Read Law Society advice on applying for assistance
Banking crisis practice note - new version
We have updated our advice on handling client money when banks collapse. The Financial Service Compensation Scheme has now confirmed that the scheme applies to client money as to other banking deposits and has provided further information about the procedure for obtaining compensation, should the issue arise. In addition the practice note provides further clarification on the issue of undertakings. Further notes will be produced if more information becomes available.www.lawsociety.org.uk/bankingcrisis
Redundancy practice note
Our practice note gives advice on handling the issues around redundancy, and explains the rights of employees.www.lawsociety.org.uk/redundancy
Job seeking practice note
Whatever your reason for moving on, read our practice note giving advice on finding a job, ranging from CV writing tips to interview skills.www.lawsociety.org.uk/jobseeking
Legal aid toolkit
This is designed to help practitioners understand how to operate under the new fee regime and prepare for the next wave of changes. The toolkit is chapter-based with new additions issued periodically and made available free of charge to members of the Law Management Section or toolkit subscribers. Price: £30 including updates (or free of charge to Law Management Section members) Available online from www.lawsociety.org.uk/lawmanagement or by calling 020 7316 5707 or e-mailing lawmanagementsection@lawsociety.org.uk.
Merger toolkit
This is designed to assist managers in considering the process, reasons for, and implications of a merger. In the current climate, when more firms than ever are considering merging and consolidating, this is an essential resource for firms. It provides information and practical tools for every stage of the process from the initial idea, through business planning, to setting the process in motion, including tackling due diligence, cultural issues and integration, and then looking ahead at the future of the new firm. Price: £100 including updates (or free of charge to Law Management Section members). Available online from www.lawsociety.org.uk/lawmanagement or by calling 020 7316 5707 or e-mailing lawmanagementsection@lawsociety.org.uk.
Events and seminars
Leading debate on the future for law firms
The Law Society's legal breakfast debates explore the business of law in the new landscape created by the Legal Services Act and have become established as the leading forum for developing new thinking about the regulatory framework in which law firms do business.
Find out more and watch the videos
Online seminars
Coping with the downturn - webinar series
The Junior Lawyers Division ran a series of free online seminars on credit-crunch related issues to provide help, tips and assistance for students, trainees and newly qualified solicitors during the downturn.
More details
Facing the credit crunch - online seminar
Robert Mowbray, principal of MacIntyre Hudson LLP and managing director of MacIntyre Advisory Services Ltd, presents a 60 minute online seminar designed to help practices prepare for a slowdown in the economy.
More details
Helplines
Practice Advice Service - 0870 606 2522
Advice for solicitors and their staff from our team of experienced solicitors on legal practice issues (including conveyancing, costs, probate) and Law Society policy and practice notes (including anti-money laundering). Lines are open from 09.00 to 17.00, Monday to Friday. E-mail: practiceadvice@lawsociety.org.uk.
Lawyerline - 0870 606 2588 - re-launched March 2009
Now run by the Law Society, this service provides advice on client care and complaints handling. Lines are open from 09.00 to 17.00, Monday to Friday. E-mail: lawyerline@lawsociety.org.uk.
Pastoral Care Helpline - 020 7320 5795
The Law Society's Pastoral Care Helpline offers help with personal, financial, professional and employment problems. This service refers you to the most suitable helpline for your needs. Lines are open from 09.00 to 17.00, Monday to Friday.
JLD Helpline - 0800 085 6131
For junior lawyers who wnat to talk to someoe about a pastoral or career related problem. Lines are open from 09.00 to 21.00, Monday to Friday. www.lawsociety.org.uk/juniorlawyers
Other support work
Conveyancing panels – update
The Law Society has been very conscious of lenders reducing the size of residential conveyancing panels. Previously the issue was contained to some small providers and Bristol & West. Now, a number of the banks and building societies are merging, focusing on risk/fraud and reviewing their infrastructure and relationships. The result has been the rationalisation of conveyancing panels and those most affected have been small firms and sole practices with relatively low volumes of work.
Law Society calls for tax concession
19 March 2009
The Law Society has warned that taxing law firms on work before they have received payment for their services could result in practices getting into financial difficulties, particularly those carrying out publicly funded work.
Read about our actions on this issue
Society alerts banks to possible legal aid payment disruption
The Society has alerted the UK's major banks that there may be short term disruption to legal aid payments made to firms by the Legal Services Commission (LSC).
Read more
Law Society continues bank support talks
We recently met four of the major banks to discuss issues affecting legal firms in the economic downturn. The banks were receptive to our arguments and accepted that solicitors' firms constituted a lower lending risk than other areas of the economy.
Read more
Law Management Section
The Law Management Section provides best practice information and support on the full range of practice management disciplines including HR, finance, marketing, IT, business development, client care, quality and risk.
Products and services include:
- a quarterly magazine with up to eight hours free CPD per year
- a regular electronic newsletter
- a national CPD-accredited events programme covering all management disciplines
- an interactive website
- annual financial benchmarking survey
- free toolkits on merger, risk management, internet policies, HR, business development and legal aid
- networking opportunities
- discounts on a range of events, texts and training packages.
Special services for members in 2008 and 2009 that focus on the credit crunch include a new toolkit on Achieving Growth through Merger, Acquisition and Organic Growth and a special edition of the newsletter featuring exclusive articles on surviving the credit crunch. Special features in the magazine will give practical advice on credit crunch-related issues including managing people in difficult times and how to make cost savings while improving quality.
Membership is open to solicitors, management staff of legal practices/departments and suppliers of financial or management services to legal practices.
Price: £147.00 with special discounts for newly qualified and sole practitioners.
For more details and to join, go to www.lawsociety.org.uk/lawmanagement, call 020 7316 5707 or e-mail lawmanagementsection@lawsociety.org.uk.
Financial Benchmarking Survey
This annual financial health check represents the most in-depth research of its kind and is an invaluable source of information on trends and best management practice. Price: £150 or £75 for members of the Law Management Section. For more details and to purchase the survey, go to www.lawsociety.org.uk/lawmanagement, call 020 7316 5707 or e-mail lawmanagementsection@lawsociety.org.uk.
Lexcel accreditation
The Lexcel standard provides legal practices with a supportive framework for their business that focuses on key practice management areas. By implementing the requirements across all areas, firms can manage risk better and enhance client service.
The framework can also help to lower professional indemnity insurance (PII) rates. A study by the Independent Commissioner in 2005 revealed that 69 per cent of Lexcel accredited firms had benefited from lower insurance premiums since gaining Lexcel accreditation.
Lawyers For Your Business
Lawyers For Your Business is a scheme managed and promoted by the Law Society to help solicitors find long-term small business clients. The scheme promotes the value of legal advice to anyone in or starting up a small business.
Saving money on energy
The Legal Sector Alliance, in which the Law Society plays an active role, offers advice on how going green can help save money.
Books from Law Society Publishing
Titles to help improve solicitors' profitability
From Recession to Upturn
Financial Management and Strategy For Law Firms
Andrew Otterburn and Sarah Wilkinson
Steer your firm through these difficult times with From Recession to Upturn. This special report provides your firm with the tools it needs to negotiate the current climate and, crucially, to prepare for the eventual upturn.
Written by leading experienced professionals, the book offers a strategic yet practical approach:
- Part 1 looks at the effect of the economic slowdown and shows how your firm can deal with the immediate problems it may face
- Part 2 shows how effective financial management can help you to stabilise your business
- Part 3 looks forward to the upturn, suggesting how your firm can position itself to take advantage of the potential opportunities.
July 2009 | 112 pages | Paperback | 978 1 85328 794 7 | £49.95
Financial Services for Solicitors
Law, Practice and Precedents
SIFA (Solicitors Independent Financial Advice), Edited by Ian Muirhead
Aligning your firm with fee-based financial advisers can be an effective way to provide a more comprehensive client service. Financial Services for Solicitors explains the pros and cons of the various forms of association between solicitors and financial advisers and describes fifteen areas of business in which solicitors' advice may be incomplete without the input of a financial adviser.
February 2009 | 192 pages | Paperback | 978 1 85328 754 1 | £79.95
Marketing Legal Services
Succeeding in the New Legal Marketplace
David Monk and Alastair Moyes
Prepare your practice for the future with Marketing Legal Services . This highly practical and user-friendly book deals with the whole range of marketing topics, showing you how to:
- capitalise on the firm's key strengths
- compete effectively with nationally trusted brands
- develop your practice through marketing management
- establish and develop your marketing database and use it to drive business
- increase and maximise profitability.
The accompanying free CD-ROM provides useful questionnaires, forms and checklists for easy customisation, saving you time and money.
May 2008 | 320 pages | paperback + CD-ROM | 978 1 85328 658 2 | £59.95
Profitability and Law Firm Management
2nd Edition
Andrew Otterburn
'?as would be expected of an author of Andrew Otterburn's pedigree, it hits its target admirably.' New Law Journal (of the previous edition)
This invaluable guide to improving the profitability and efficiency of law firms has been completely revised and updated. This enhanced edition offers:
- personal insights from managing partners of leading law firms
- new and updated case studies
- discussion of current topics such as the impact of the Legal Services Bill
- key figures and benchmarks drawn from the most recently available Law Management Section financial benchmarking surveys
- a free CD-ROM containing the Lexcel standard and self-assessment forms, departmental business plans, staff questionnaires and Excel spreadsheets that can be easily customised to assist better financial management.
October 2007 | 192 pages | Paperback + CD-ROM | 978 1 85328 598 1 | £44.95
Precedent Library for the General Practitioner
Martin Smith
This invaluable compendium brings together over 180 of the most useful precedents that may be required by the general practitioner on a day-to-day basis. They range from standard letters and wills through to prenuptial agreements and contracts for sale. The precedents are also included on an accompanying CD-ROM enabling practitioners to customise them quickly and easily as needed.
August 2007 | 392 pages | Hardback + CD-ROM | 978 1 85328 986 6 | £99.95
Lexcel Practice Excellence Kit 4th Edition
The Law Society with Matthew Moore
This official guide to the revised Lexcel quality standard has been comprehensively updated to help you understand the changes, and to attain and retain accreditation. It is also suitable for firms simply aiming to improve practice efficiency and profitability.
The Lexcel Practice Excellence Kit contains one copy each of the Lexcel Assessment Guide and Lexcel Office Procedures Manual. The Assessment Guide provides invaluable advice and guidance on how to meet the Lexcel criteria. It also includes the full text of the revised standard. The Office Procedures Manual offers template procedures to enable firms to draft and enforce policies and documentation to aid compliance. The templates are included on the accompanying FREE CD-ROM to enable quick and easy customisation.
November 2007 | 2 books + CD-ROM | 978 1 85328 683 4 | £119.95
Books to help solicitors advise clients
Insolvency Law Handbook 2nd Edition
Vernon Dennis
?A valuable tool for the practitioner representing either side of an insolvency procedure.'
Initiative (of the previous edition)
The second edition of this handbook provides a comprehensive guide to the current insolvency law landscape taking into account recent statutory developments in areas such as employment, pension and partnership law as well as the new regulations which attempt to deal with the ever increasing number of cross border insolvencies. The second edition includes scores of new case law references including commentary on key recent decisions such as Leyland Daf , Spectrum Plus , Trident Fashions , Powerhouse , Collins and Aikman and Save Group Plc .
November 2007 | 576 pages | Paperback | 978 1 85328 628 5 | £69.95
Enforcement and Debt Recovery
A Guide to the New Law
Peter Levaggi, David Marsden and Peter Mooney
Parts 3-5 of the Tribunals, Courts and Enforcement Act 2007 reform bailiff law and will have a significant impact on the property industry. Given the increase in personal and commercial insolvencies and consumer debt, these reforms are timely and wide-ranging, including:
- a single regulatory framework for all enforcement agents
- abolition of distress for rent
- introduction of commercial rent arrears recovery (CRAR).
January 2008 | 440 pages | Paperback | 978 1 85328 653 7 | £59.95
Consumer Credit Act 2006
A Guide to the New Law
Julia Smith and Sandra McCalla
The Consumer Credit Act 2006 marks the final stage of the most significant reform of domestic consumer credit law in almost 30 years. The Act amends the Consumer Credit Act 1974 with the principal aim of improving the regulation of consumer credit and consumer hire businesses, whilst at the same time providing better protection and remedies for the consumer.
Legal professionals in the field will find this to be an indispensable guide to the new provisions. It offers a clear explanation of how the new law will affect businesses and includes both a copy of the new Act and the Consumer Credit Act 1974 as amended.
August 2006 | 276 pages | Paperback | 978 1 85328 543 1 | £44.95