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About Practice Management

There鈥檚 more to running a law firm than being good at law. If you want to succeed in today鈥檚 tough legal landscape you have to manage your business effectively. That means strategic planning, business planning, financial management, risk management, talent management, operational management, knowledge management, HR, IT, tax, pensions, business development, health & safety, learning & development and facilities.

Human resources (HR)

If you have a HR department or not, this topic can be a reference tool or way to understand why HR is important, what a firm needs to do, and how. We combine relevant employment law with practical HR guidance.

Health & safety (H&S)

Every business needs to be compliant with H&S legislation. Law firms often outsource this area due to a lack of knowledge. We can demystify these requirements and help firms do what they need to do themselves.

Lexcel Practice Management Standard

Any law firm that has or wants to get Lexcel accreditation (the Law Society鈥檚 practice management standard) will find this subtopic invaluable. Get practical pre-assessment, assessment day, and post-assessment guidance.

Running a firm

There's more to running a firm than being a good lawyer. If you want to succeed in today's tough legal landscape you have to manage your business effectively. Strategic planning, finances, business development and more.

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Associated legal terms

Fund as a whole' model

A carried interest economic model that looks at the fund as a whole and references the fund's profits over its lifetime. Where this approach is taken, the waterfall is applied by reference to the whole fund so the fund is likely to include a catch-up mechanism. The waterfall moves on to the catch-up (if any) and carried interest only after the investors have received back all of their drawn-down capital and the necessary preferred return. The 'fund as a whole' type of economic model is more common in the UK and Europe and is in contrast to the 鈥榙eal-by-deal鈥榤odel.

National television standards committee

A television industry group that develops standards for television broadcasting and receiving equipment in the United States.

Preferential creditor

A creditor granted preferential status under the Insolvency Act 1986 entitled to receive payment in priority to others, eg employees of a company.
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