Best Financial Management

For the firm that has educated its partners in the importance of meeting tough targets for WIP, debtors, headcount and overheads, and can demonstrate exceptional progress.

2007 WINNER

The team at Hammonds

It was well reported three years ago that Hammonds had a large pile of debt and low profitability. New management at that time addressed the challenges, improved morale, developed a premier internal communications strategy and instigated new ways of recording time, billing clients and collecting debts. Additionally expenses were reviewed, controlled and reduced, assisting cash retention and increased profitability. The results are a vast reduction in debt, substantially increased profitability and a forward looking partnership able to compete equally with its peers.

2ND PLACE

The leadership at Shoosmiths has driven the financial performance of the firm over the last four years such that turnover has increased at a compound rate of 21%, net profit at 37% compound, and profits per equity partner at 32% compound. The partners were individually mentored on the importance of expense reduction, billing of work and collection of debts. They were challenged to reduce lock-up and generated a large amount of cash whilst still doing more billable hours and earning fees. This is borne out by the financial results. The Finance Director and the CEO were instrumental in breeding this new culture.

3RD PLACE

With the assistance of the Cranfield School of Management and the KAM Best Practice Research Club, Addleshaw Goddard have achieved a changed mindset in their partners through dedicated coaching sessions. They were all mentored on how important it is to Know Your Client’s business and their challenges. Billing Teams were created to drive the conversion of work done to cash and this resulted in reduced lock up days. Induction Training is given to all new fee earners at every level. Profitability has increased by 5% to 34% in two years.

2007 SPONSOR

Barclays have business banking relationships with 80% of the top 20 accountants, lawyers and surveyors in the UK and a growing market presence in the US. They are proud of their client relationships as well as the industry expertise and specialist banking skills of their people. They work together to bring innovative solutions to the market, supported by market-leading service excellence. Barclays aim is to work in partnership with professional services firms to help them achieve their ambitions.