Law firms are beginning to understand that financial management and performance reports (if designed and delivered professionally) are the key to effective management and that managing a law firm without the right financial performance information is similar to navigating in the dark.
Financial management and fee earner performance reports can effectively arm partners with information that allows them to proactively manage their resources. But they also act as early warning systems in areas of profitability and work in progress, including debtor management. As such, they are one of the firm’s most valuable means of risk and exposure avoidance.
