For the management team that involves everyone at the firm in the delivery of optimal financial performance.
AG have introduced a comprehensive dashboard which provides financial information tailored to the role of the person be it partner, associate or member of business services In addition to the historical data on the dashboard the current data displayed is real time and provides for pro active client management with regard to current projects and in particular to profitability on those projects. The dashboard was developed with input from all potential users and it has been extremely well received. The financial performance of partners had been identified as one of the key five measures of the firm. The dashboard has enabled partners to be more autonomous in dealing with clients by having the appropriate information at hand and they have become more entrepreneurial in outlook. The dashboard has been an impressive agent of change. The recent published financial results are very positive from the introduction of the dashboard as they show an increase in profit of 25%.
From left: Austin Healey, Colin Brown, Ric Pizzuti and Kevin Stannard (Lloyds Bank)
Herbert Smith Freehills
Herbert Smith and Freehills merged in 2012. The combined firm has 25 offices and 5,000 employees. Since the merger there have been significant integration activities a key component being the implementation of a single global practice management system. The aim of the new system was to have the consistent capture of data globally and consistent reporting to all levels of the firm in particular with regard to clients globally. The achievement has been to have the right information at the right time across the world with minimal manual interventions. In addition HSF have started to use cloud technology for budgeting and forecasting globally. As a consequence there has been a great deal of change and disruption during this implementation but the day job had to be done efficiently at the same time and that has been achieved. Moreover the existing high standards in respect of working capital management and pricing proposals have been maintained. The view of the judges was that this ambitious and dynamic programme will need time before its success can be fully evaluated.