Best Financial Management

2008 WINNER

From left: Nick Packham of Taylor Wessing with David Berragan of Barclays

As a result of requiring client partners to take responsibility for invoicing and debt collection and the continued development of its financial and management controls Taylor Wessing has consolidated the improvements made in the last three years.

Its unpaid debts are referred to the professional Reconstruction & Corporate Development team for chasing up and, in extreme cases, winding up of the client so that the bad debt expense is well below competitor firms. And at the same time Profits per Equity Partner are up 5% , UK turnover is up 11% and the firm has no external borrowings. A combination of consistent development in its financial controls and excellent financial results make the firm a worthy winner.

2ND PLACE

Hammonds won this award last year and have continued to build on last year’s financial management successes.

Business intelligence software and a user-friendly web-based portal have helped the introduction of performance-related profit sharing for equity partners and monthly performance briefings are now available in Podcast form.

The firm is now an LLP and on a sound financial footing enabling it to invest in office refurbishments and a new financial operating system. A very impressive performance and very nearly good enough to win for a second year running.

2008 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.