Practice made perfect
Tim Kidd, chief executive at the Institute of Legal Finance and Management, talks supporting LPM Practice Excellence awards 2020 and gives top tips for legal practice managers
As 2019 nears its finish line, the Institute of Legal Finance and Management (ILFM) is keeping close tabs on regulatory and legal activities in the pipeline. With the Solicitors Regulation Authority’s new handbook right around the corner, SME firms need to be on top of potential changes to process and administration. A particular area of interest will be changes to the accounts rules – but good finance and management is fundamental for any successful SME law firm. Alongside courses around the new SRA rules, VAT, COFA and legal cashiering training and others, the ILFM has introduced a course just for people like you, in legal practice management.
What are the lessons? Here are seven steps to better legal practice management:
1 Think strategy – Don’t just take things as they come. Have a plan, factor in things like budget and marketing activities, and stay on top of risk with SWOT/PESTEL.
2 Fluffy finance? – Learn to gain insights from the economy, operating cycles, WIP and benchmarking.
3 It takes a leader – Look within. Get to know your leadership style through different leadership theories and the importance of emotional intelligence. Learn to lead, motivate and inspire.
4 Management now – Let’s go back to basics. What does management entail, what are the styles and theories? Use time management tools and other processes for better management success.
5 No eye in team – How well do you know your staff? Are you perceptive to their needs? Consider things like training and development, effective communication and change management as well as the art of delegation.
6 Employment matters – How do you handle complaints and grievances? What strategies work for recruitment, retention and succession?
7 More practice – The things that just need to be done, and done well: professional indemnity insurance, project and risk management and business process mapping.
The thing that ties it all together? It’s culture, of course. There’s always something to get excited about. And there are some exciting things happening at the ILFM at the moment as well – not just the exciting new courses to stay on top of compliance, finance and management – chair Darren Whelan steps down from the role and into a new full-time position at the ILFM as director of education and development. Ian Johnson, director at Saffery Champness Chartered Accountants, steps in to take his place as ILFM chair in October. And the reason we’re on this page? That’s right – we’re proud to be partnering with LPM again to help launch the LPM Practice Excellence Awards 2020. Watch this space.
