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Interestingly enough, profitability and financial stability raised its head at the COLP/COFA conference in Birmingham today. There are too many firms for whom turnover is the main concern. Profit is more or less, for them, an after-thought-a hope, if you will. Cash flow leads to embarrassing conversations with clients or no conversation at all.
"How come we make so little, yet work so hard?"
I suggest that the SRA and The Law Society join together and visit every small firm and discuss their profit and loss account, balance sheet and business plan. Once the owners understand how to run a business ie with a view to profit, then many if not all of the risk issues will disappear. Focussing on turnover leads firms to operate on the edge of ethics. Focussing on profit allows firms to recover professionalism and ethics and to build a future.
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