Peter Noyce is a Partner at Menzies LLP and has extensive experience of advising professional partnerships, particularly in the legal sector, where again his focus is profit and cash flow improvement.
Having recently taken part in many Conferences, Round-tables and panel discussions, Peter has taken this opportunity to disseminate his thoughts and feedback through a series of short videos dealing with the key issues arising.
Challenges facing the legal sector
Much of the discussion has rightly centred upon strategy, not whether firms have the right one but whether some have one at all along with International offering and the changes to Accountant’s Report and how they get the best out of their Accountancy relationship.
In these short video features, Peter evaluates each of the following challenges:
The challenge of globalisation for law firms
The importance of strategy for legal firms
The impact on external ownership of law firms
The impact of the new Accountant’s Report Regime.
Menzies are proud of our long association with and advice to the legal sector and hope you enjoy these offerings. If you would like to discuss any of the issues raised in these videos or other factors impacting the legal sector, please contact Peter Noyce at PNoyce@menzies.co.uk
Menzies Business Services Sector Advice
We advise lawyers, barristers, accountants, marketing, advertising and recruitment practices, as well as sector-dependent clients. We work closely to find solutions to industry issues, utilising our expertise in everything from business strategy and corporate finance, to audit and tax advice.
Menzies understand the key challenges for law firms
The UK legal services market has reacted to a number of radical transformations to its business with more challenges in the pipeline. Deregulation has encouraged new entrants to join the Alternative Business Structures party. At the same time, the required internal focus on compliance and risk management brought about by outcomes-focused regulation and the roles of the COLP and COFA bring further demands.
Reductions in public sector spending, increases in court costs, reduction in public funding for litigation and the continuing focus on fixed price and changing client requirements have also altered the traditional approach to running a successful legal services business.