Financial Consultancy for Law Firms

Strong financial management helps law firms make informed decisions, use their resources effectively and plan confidently for future growth and change.

Legal Eye provides bespoke financial consultancy for law firms seeking practical, independent support with their financial strategy, internal finance function and wider business planning.

Every project is tailored to the firm’s objectives, structure and circumstances. Support can focus on a particular issue or form part of a wider review of the firm’s financial and operational arrangements.

When financial consultancy can help

Specialist support may be useful when your firm is:

• Reviewing the structure or effectiveness of its finance function
• Recruiting or redefining finance roles
• Developing its financial or business strategy
• Seeking to improve profitability
• Preparing for growth or structural change
• Considering a merger or acquisition
• Preparing the firm for a potential sale
• Reviewing governance and decision-making arrangements
• Considering the outsourcing of finance activities
• Exploring technology to improve financial management
• Considering different funding or finance options

Discuss Your Consultancy Requirements

Areas of financial consultancy support

Depending on your firm’s requirements, Legal Eye can provide support with:

• The structure and recruitment of finance personnel
• Financial strategy and business planning
• Considerations relating to raising finance
• Mergers and acquisitions
• Business structure and governance
• Preparing the firm for a potential sale
• Reviewing and improving profitability
• Outsourcing elements of the finance function
• Using legal technology to improve financial management
• Other agreed financial and operational projects

How the consultancy process works

1. Initial discussion: We discuss your firm, its objectives and the issue requiring support.
2. Scope agreement: The areas to be reviewed, expected outputs and project timescales are agreed.
3. Information review: Relevant information and existing arrangements are considered.
4. Assessment and recommendations: Legal Eye identifies potential improvements and practical priorities.
5. Next steps: Further support can be discussed where assistance with agreed actions is required.

A service tailored to your firm

Every project is scoped individually. The nature of the review, information required and form of the recommendations will depend on your firm’s objectives and the complexity of the work.

The agreed scope can include meetings with relevant stakeholders, review of existing arrangements and practical recommendations for the firm to consider.

Who is the service for?

Financial consultancy may be suitable for:

• Partners, directors and business owners
• Finance directors and finance managers
• COFAs and other compliance officers
• Practice managers and operations teams
• Firms preparing for growth or structural change
• Firms reviewing their profitability or finance function
• New or established practices requiring additional expertise

Practical support for legal-sector businesses

Legal Eye understands the operational, regulatory and commercial demands placed on law firms. Our consultancy work focuses on providing clear, proportionate recommendations that reflect the firm’s structure, objectives and available resources.

Learn more about the Legal Eye team.

Discuss Your Consultancy Requirements

---

Frequently asked questions

Who is the financial consultancy service designed for?

The service is designed for law firms requiring additional expertise or an independent perspective on their financial and operational arrangements. It may be particularly useful for partners, directors, business owners, finance managers, COFAs and practice managers, as well as firms preparing for growth or structural change.

What areas can Legal Eye provide support with?

Support can cover finance-team structures and recruitment, financial strategy, profitability, governance, funding considerations, mergers and acquisitions, preparation for a potential sale, finance-function outsourcing and the use of technology to improve financial management.

How is the project scoped?

The process begins with an initial discussion about your firm, its objectives and the particular issue requiring support. Legal Eye will then agree the areas to be reviewed, the information required, expected outputs, timescales and fees before the project begins.

Can support focus on one specific issue?

Yes. Support can focus on a particular financial or operational issue or form part of a broader review of the firm’s financial arrangements.

Can support be delivered remotely?

Support can be delivered remotely where appropriate, with meetings and information reviews completed online. The most suitable delivery arrangements will be agreed as part of the project scope.

Will we receive written recommendations?

Where appropriate and included within the agreed scope, Legal Eye can provide written recommendations or an action plan setting out the findings, priorities and suggested next steps.

Can Legal Eye help with implementation?

Further support with agreed actions can be discussed following the review. Any implementation work required will be defined and agreed separately, depending on the nature of the recommendations and the assistance required.