The profit & loss accounts of a small high-street firm with potential looked dire in the year preceding its enrolment into the Legal Services Continuum programme. Hit with a series of issues including the economic downturn and the illness and eventual loss of key staff, the practice owner had been unable to take a salary and records showed a significant move into the red.
Financial reports produced by Haines Watts for Coplexia Collaborative for the year ending 30 September 2018 revealed a wholly different story. The incoming firm had made a 100% recovery, recording profits double that of the debts of its previous fiscal year, which mathematically speaking equates to a 197% increase.
Remarkably, the dramatic turnaround required no staff redundancies or any concerted marketing. In fact, the firm had had more client demand than it could satisfy from its offices but worked collaboratively with other progarmme participants to meet demand, sharing the proceeds in accordance with the rules of the LSC Programme Partner Agreement.
Is your legal practice in need of a profit boost?
The Legal Services Continuum programme has something to offer every type of law firm, not only those that underperform. That said, we would particularly welcome speaking with solicitor practice owners in England and Wales who have struggled in recent times to turn a profit, or who know there is potential to do better but lack the time to act.
Please request a call back by completing the form below, or call us on 020 3916 5552 for a free and confidential chat with one of our programme directors.