MHA Legal Sector COVID-19 Survey Report
Wednesday, 22 July 2020
We’re now well over 100 days past the beginning of lockdown within the UK and it’s clear that the COVID-19 pandemic has presented a number of opportunities and threats to legal firms within the region. These have been highlighted in the recently published MHA Legal Sector COVID-19 Survey Report. You can download a copy of the report here.
The report focuses on seven key areas, including fee income, cash flow, business strategy and working practices going forward, and answers crucial questions such as:
- How are law firms changing their current business strategy and what are they focusing on?
- What have we learned from home working?
- How will we change our working practices going forward?
- What has been the impact on fee income and what should legal firms be thinking about now?
You can use this report to benchmark your legal practice against others nationally, as well as looking at the key next steps and action points that you should consider going forward.
Whilst some level of ‘normality’ is beginning to return, now may be the perfect time to review the opportunities, determine if your business can take advantage of these, and put in motion any relevant action points.
For example, with only 15% of firms currently adopting a paperless document management system, and the expectation that a greater number of client meetings will take place remotely in the future, a paperless system, combined with a well developed IT environment, may be the perfect platform to reach new clients further afield.
Whilst seizing the opportunities, we must not forget our regulatory obligations. The COVID-19 pandemic has led to a rapid change in how we work. As part of the change, we need to make sure that our systems and procedures are also updated to reflect the new working practices. This will be a considerable area of focus for the Solicitors Regulation Authority in the coming months, especially given we are less than 12 months since the implementation of the new rules.
MHA Larking Gowen has considerable experience with Solicitors Accounts Rules engagements and practice development. If you need any guidance on compliance, or if you would like any further information on any of the topics in the report, please get in touch. You can find contact details on the Our People section of the MHA Larking Gowen website. Alternatively, call 0330 024 0888 or email email@example.com.