January 3rd, 2012 | 
Author: The burden for solicitors in small legal practices is growing at an ever increasing rate resulting in the closure of more and more of the UK’s high street law firms. This trend is set to continue in the face of increased competition arising from the introduction of the Legal Services Act and unless solicitors begin to grasp hold of the effective management of their practices many more will disappear from towns throughout the UK over the coming years.
Owners and managers of traditional law firms have in the main little practical expertise in the financial management skills necessary for managing a law practice in today’s market. The response of many is to put in ever increasing workloads at the expense of the 
quality of their social lives in the hope that by somehow working harder and longer they will reverse the trend and the inexorable march of both competition and the demands of clients and the regulatory authorities alike.
There are of course exceptions to this rule but by and large those who have succeeded in bucking the trend have done so by importing financial managers at a price that is hard to justify for the smaller law practice. However others have started to take advantage of the expertise of professional consultants with experience in the legal services sector and who are able to provide advice and guidance often on a results only basis.
A renewed and consistent focus on the key areas of financial management and a determination to apply the disciplines of effective time and file management to all fee earners and support staff can pay dividends in terms of profit enhancement.
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