Cash, Remuneration & Economic Uncertainty

Join us for the next Professional Practices Alliance (PPA) webinar, ‘Cash, Remuneration & Economic Uncertainty‘ on Thursday 23 May. See below for full details and register your place here.

Times are tough for mid-market law. While demand for some key areas of legal service remains buoyant, others are under pressure. Markets are hypercompetitive. The war for talent has never been more intense. Much current innovation in Generative AI and other legal technology seems focused on reducing client need for external legal advice, not on enhancing the capabilities of law firms. In the UK particularly, shifts in tax law add their own complexity to this toxic mix.

Clearly, law firms need to approach profitability management in new and more creative ways. Business models and strategies must both evolve as digital elements supplant traditional legal service delivery channels. Past webinars on addressing financial pressure have focused mainly on financial hygiene, cost cutting and business development. These remain important but in times of systemic change, one must dig much deeper. How must law firms respond, systemically? To what extent do the ways in which a law firm is governed and organised help or hinder profit margin management? What regulatory requirements and restructuring options apply to a law firm that finds itself in financial difficulties? What options do firms have to use emerging technologies to simultaneously enhance both efficiency and profit?

Join our panel for the forthcoming PPA webinar Cash, Remuneration & Economic Uncertainty, where our panel will explore:

Navigating cash pressures: The financial challenges facing modern law firms, including escalating costs, high interest and basis period reform.
Strategies for success: How can these pressures be managed? From more robust time recording practices to optimising remuneration systems and KPIs, we will discuss the key elements for financial resilience.
Technology and AI: How can these be used to drive change and how do you ensure they are adopted fully and used effectively?
The future of law firms: What does the future hold? We look at long term vs short term investment models, PE in law firms, succession planning and related SRA implications.

Date: Thursday 23 May 2024
Time: 9.00am-10.00am BST

Webinar Chair:
Rob Millard PhD, Director, Cambridge Strategy Group – Law Firm Strategy, Mergers and Sustainability Advisor

PPA Speakers:

Corinne Staves, Partner, CM Murray LLP – Partnership and LLP Law Specialist
David Shufflebotham, Founder, PepUp Consulting – Partner Remuneration and Performance Evaluation Specialist
Andrew Pavlovic, Partner, CM Murray LLP – Professional Discipline and Regulatory Specialist

Registration:
Register to attend here.

The Professional Practices Alliance is a multi-disciplinary collaboration between leading UK independent legal, accounting and law firm management specialist advisers, CM Murray LLP, Pep Up Consulting and Cambridge Strategy Group.