Preparation of Financial Forecasts

Our Legal Sector specialists will prepare your bespoke fianancial forecast using our own detailed forecasting model based upon utilisation and recovery levels of specific fee earners at specific times of the year; and debtor days and WIP days of departments.

This allows a more scientific approach to be taken in determining fee income and cash collection levels. It also allows an assessment of recoverable WIP to be made on a monthly basis, something that law firms should be monitoring and the banks are certainly interested in.

We prepare financial forecasts to help law firms with:

Raising finance
Setting targets and improving performance
Business planning and control
Lexcel
Submission to the SRA with applications to convert to a limited company or LLP or ABS.

"Working with Armstrong Watson on our financial forecast has been very useful over the past few years. They developed a very comprehensive model which allows us to track our performance over 5 years and plan future investments and impact on profit and budget accordingly. They customised it to our needs and have been responsive to our feedback – adding or amending things as needed.

Andy, Jordan and the team are easy to deal with, provide always a timescale and deliver their work on time. I would recommend them to other firms who are looking into improving their profitability and keeping their finances organised."

Antonio Deban Valles, Profitability Officer, Scullion law

Contact our Legal Sector Partner, Andy Poole, on 07828 857830 or andy.poole@armstrongwatson.co.uk to discuss how we can help you.

What is it?

Fully integrated three year cash flow, profit and loss and balance sheet forecasts together with a detailed assumptions document explaining the reasoning behind the figures.

Who is it for?

This service will benefit all law firms of any size in all locations.

What are the benefits for your firm?

You will be forewarned and forearmed
You will be able to scenario plan
You will be able to make appropriate strategic decisions
You will increase your opportunity to achieve your targets

What do I have to do?

You will need to provide information requested by us. Pre-agreed partners and staff will need to attend meetings and interviews.

What are the deliverables?

Presentation of draft forecast. Issue of final financial forecast.

What is the cost?

Detailed forecast from £12,410 plus VAT for firms up to 50 people. Simple forecast from £5,630 plus VAT for firms up to 50 people. Bespoke costs agreed for larger firms. All services will be provided remotely via video conferencing, however, options are available for face to face if required.