Successful Merger Integration for Law Firms. jeff Gillingham

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Successful Merger Integration for Law Firms. jeff Gillingham"

Transcription

1 Successful Merger Integration for Law Firms jeff Gillingham Published by In association with

2 Successful Merger Integration for Law Firms is published by Ark Group UK/EUROPE OFFICE Ark Conferences Ltd Paulton House 8 Shepherdess Walk London N1 7LB United Kingdom Tel +44 (0) Fax +44 (0) NORTH AMERICA OFFICE Ark Group Inc 4408 N. Rockwood Drive Suite 150 Peoria IL United States Tel Fax ASIA/PACIFIC OFFICE Ark Group Australia Pty Ltd Main Level 83 Walker Street North Sydney NSW 2060 Australia Tel Fax Editor Stephanie Ramasamy Head of content Anna Shaw Managing director Jennifer Guy UK/Europe marketing enquiries Robyn Macé US marketing enquiries Daniel Smallwood Asia/Pacific marketing enquiries Steve Oesterreich ISBN: (hard copy) (PDF) Copyright The copyright of all material appearing within this publication is reserved by the author and Ark Conferences It may not be reproduced, duplicated or copied by any means without the prior written consent of the publisher. ARK1642

3 Chapter 1: Back to basics Why did you merge? There are a number of reasons why law firms merge. Rationalisation is probably the underlying market driver. Certainly there are too many law firms in geographies like the US and the UK, with the numbers being inflated by thousands of sole practitioner practices. In recent years, the difficulty and expense of running small practices has taken its toll. For instance in the UK, many firms have been driven out of the market by the cost of professional indemnity insurance or, even worse, the inability to secure cover. In some cases, these small firms have been forced to close or join forces with other, larger firms. Hence mergers are happening because of market factors that do not include the desire or intent to produce a better firm or a better service. It is probably true that most law firms which have merged have some element of defence built into their original thought process. Certainly part of the thought process would have been the old view that bigger is better. Whatever the original catalysts or drivers, there is a real need to examine and analyse the reasons why the legacy firms decided to merge. The reason for going back to the original drivers of the merger is the ongoing need to track the outcomes. To be more precise, the merger initiative should have a business plan and you should track the progress of your plan (see Appendix 1 for a business plan template). If you are not tracking the outcomes of your plan, then you probably won t meet it. If we research what legal sector consultants consider the reasons why law firms merge, we come up with a whole list of reasons which don t seem solid. Consultants around the world are united in the opinion that there will be many mergers in coming years, but that most will be done for the wrong reasons. Overall, this group of involved observers are not being complimentary about past mergers and are not particularly optimistic about future mergers either. They consistently cite two significant issues that serve to trip unwary merger leaders. Firstly, the amount of effort and cash involved in actually achieving the merger is quite daunting. Secondly, there is a lack of resolve in effecting change. Most leaders starting out on merger integration would not agree that these problems are pertinent to their firms. They will soon realise how wrong they are unless they focus on planning the merger and managing the integration process. Let s examine a list of why your firm might have decided to merge in the first place. This list is not exhaustive but gives the general grouping of motivations that might have been applied at the time the initiative was instigated. The reasons are outlined in the following. Reason one Economies of scale This is certainly a valid reason to consider merging and it is a reason that applies to all firms, large or small. The economies of scale are usually found in the infrastructure 1

4 Chapter 1 rather than in the legal resources. Providing infrastructure for lawyers is becoming more expensive. If we include in infrastructure such items as IT and telecoms (IT & T), finance and accounting, HR, facilities management, library, document management, secretarial support, insurance, marketing and so on all being provided in expensive offices that require renting, cleaning, heating, lighting and maintenance you can see that the scope is wide. Following a merger, there are often redundant offices. The problem lies in the exit costs from existing infrastructure, which is a drain on cash. Take, for instance, the cost of closing an office. Most lawyers seem to have taken long leases on their offices. Often, this is because the partners own the premises through a separate vehicle, usually connected with exit plans and pensions. Hence an exit from such situations is either costly or nearly impossible. Hopefully, this scenario was considered when the merger deal was being discussed. If not, this could be a disaster waiting to happen. Either way, if economies of scale were the driver for the merger, the rationalisation of legacy offices should be on the agenda and part of the integration plan. Imagine the recent big merger that occurred between a US firm and a UK firm (which, for confidential reasons, cannot be named here). The firm had representations in 21 common locations. Obviously economies of scale would be a key merger driver here, but the difficulties would be enormous. This subject would not be complete if the discussion on redundancies is not broached. If two firms merge, they do not need as many people resources. They do not need two practice managers, two finance managers, two IT managers and so on. Further to the office-closing discussion, they do not need two sets of receptionists, two post rooms and so on. These job redundancies must be faced and resolved as soon as possible. If left too late, staff will become demoralised and the whole firm will suffer. Reason two Cross selling Again in researching this subject, the pundits indicate that cross selling is not nearly as successful as it should be after a merger deal. One reason is because lawyers are reluctant to relinquish control of the relationship they have with their clients, and the reasons for this are: Not regarding their colleagues skills as being good enough; Having no financial motivation; and Losing control of the relationship. This is most interesting as most client surveys show that clients don t rate these relationships as highly as the lawyer involved. It is important here to remind yourself that cross selling is only a valid reason if your client is seeking more service and that your new merger partner is able to satisfy such demand. In the BTI Consulting Group s 2007 report Benchmarking Law Firm Marketing and Business Development Strategies, 1 the section on cross selling was entitled, Achilles Heel for Law Firms. When BTI Consulting Group interviewed 120 chief marketing officers and directors of business development at leading law firms, they found that only four per cent of law firms rated themselves as highly effective in cross selling (nine or ten on a ten-point scale), and 77 per cent thought they were ineffective (rating themselves six or lower on the same scale). Nevertheless, cross selling is an avenue that must be explored and the new firm must itemise services that it can offer beyond those offered by the legacy firms. 2

5 Successful Merger Integration for Law Firms Reason three Entering into new markets When two firms merge, one will often be represented in a geographical location that the other is not. This helps the new firm to find different clients for the extra services offered by the legacy firm that was not in that geography. Of course, this is cross selling, so the previous comments apply. It can also have the effect of providing market dominance in a particular location. Examples of this can be seen in the way certain firms have started to dominate certain sectors in Eastern Europe. Reason four Increasing capacity This has the beneficial effect of meeting the resource demands created by changes in client work. There is simple mathematical logic that dictates the effect on resources of an increase or decrease in work is more noticeable when you have 25 lawyers compared to 100. Naturally, client demand does vary and many firms find this difficult to manage. This improvement is like economies of scale but applied to resources rather than synergy savings. Reason five Partner ambitions Some lawyers want to be partners in the biggest, most visible firm on the block. Usually this ambition goes together with their desire to be earning huge profits. This is an understandable and valid motivation, but the exercise of this ambition is not a reason, in its own right, for a merger. Clearly a new firm created by such ambition must also be able to deliver the extra business and profits. Being bigger with smaller partner returns is an invalid outcome. During the next decade there will be more mergers driven by partner and equity-holder ambition. The corporatisation of law firms, the effect of the Legal Services Act 2007 in the UK and the creation of Alternative Business Structures (ABSs) will see partnership equity converting into shares that can be bought and sold. In Australia, Slater & Gordon raised Aus$35m ( 14.6m) by floating 35 million shares at Aus$1 each. The shares opened trading at a significant premium. The firm has tracked the Australian stock exchange since listing. This is not a big firm; it has revenues of about Aus$125m ( 80m). Current market cap is Aus$310m. Market cap is about twice the turnover. There are now tens of thousands of equity partners around the globe doing their sums. The performance measurement exercise The reasons you undertook your merger are very important. Before starting on your merger integration plan, you must document the reasons for your merger. If possible, put some key performance indicators (KPIs) to test include them in your plan, so that you can measure your performance. For example, it seems quite reasonable to aim for a 15 per cent increase in new firm revenue compared to the sum of the legacy revenue. Allow the first six months to be roughly the same but increase your targets by 15 per cent for the subsequent 12 months. Similarly with costs, it seems quite reasonable to aim for a 7.5 per cent reduction in the sum of the legacy costs. Again, allow the first six months to be roughly the same, but decrease your budgets by 7.5 per cent for the subsequent 12 months. Of course, don t forget to budget for the transaction and integration costs. When you have done this exercise, cascade these figures down to the various departments so that they too have a budget for their new responsibilities. Make sure these figures are included in their business plans. 3

6 Chapter 1 Now cascade the departmental figures down to the fee earners, so that they too know what is expected of them. This exercise must also be done for the back office departments. This exercise is the link between your actions and your end result. If you do not create this link, you will not know how you are performing against expectations. This means that you will not be taking corrective action if things go off track. You might find that my suggested figures do not fit with your model. That is fine but make sure that you have some figures and that there is a sound logic behind them. Reference 1. Can be found at: com/pdfs/btis_benchmarking_law_firm_ Marketing_2007_EXECSUMM.pdf 4

Performance Measurement for Law Firms

Performance Measurement for Law Firms Performance Measurement for Law Firms Alan Hodgart Published by In In association with Performance Measurement for Law Firms is published by Ark Group UK/EUROPE OFFICE Ark Group Ltd Paulton House 8 Shepherdess

More information

Financial Planning and Management for Law Firms. John Cussons

Financial Planning and Management for Law Firms. John Cussons Financial Planning and Management for Law Firms John Cussons Published by In association with Financial Planning and Management for Law Firms is published by Ark Group UK/EUROPE OFFICE Ark Conferences

More information

Implementing an Effective Change Management Strategy. Neryl East

Implementing an Effective Change Management Strategy. Neryl East Implementing an Effective Change Management Strategy Neryl East Published by In association with Implementing an Effective Change Management Strategy is published by Ark Group UK/EUROPE OFFICE Ark Conferences

More information

The Art of the Law Firm Merger

The Art of the Law Firm Merger The Art of the Law Firm Merger JEFF GILLINGHAM PUBLISHED BY IN ASSOCIATION WITH SSG Legal The Art of the Law Firm Merger is published by Ark Group UK/EUROPE OFFICE Ark Group Ltd 266/276 Upper Richmond

More information

Losing Your Minds: Capturing, Retaining and Leveraging Organizational Knowledge. bill Kaplan

Losing Your Minds: Capturing, Retaining and Leveraging Organizational Knowledge. bill Kaplan Losing Your Minds: Capturing, Retaining and Leveraging Organizational Knowledge bill Kaplan Published by In association with Losing Your Minds: Capturing, Retaining and Leveraging Organizational Knowledge

More information

Project Management for Lawyers. Barbara J. Boake and Rick A. Kathuria

Project Management for Lawyers. Barbara J. Boake and Rick A. Kathuria Project Management for Lawyers Barbara J. Boake and Rick A. Kathuria Published by In association with Project Management for Lawyers is published by Ark Group UK/EUROPE OFFICE Ark Conferences Ltd Paulton

More information

Partnership Agreements for Law Firms

Partnership Agreements for Law Firms Second Edition Partnership Agreements for Law Firms Nicholas Wright Published by In association with Partnership Agreements for Law Firms, Second Edition is published by Ark Group UK/EUROPE OFFICE Ark

More information

Designing Mobile Apps: A Roadmap for Businesses

Designing Mobile Apps: A Roadmap for Businesses Designing Mobile Apps: A Roadmap for Businesses JAMES DELLOW PUBLISHED BY Designing Mobile Apps: A Roadmap for Businesses is published by Ark Group UK/EUROPE OFFICE Ark Conferences Ltd Paulton House 8

More information

Pitching to Win CLARE ADSHEAD-GRANT

Pitching to Win CLARE ADSHEAD-GRANT Pitching to Win CLARE ADSHEAD-GRANT PUBLISHED BY IN IN ASSOCIATION WITH Pitching to Win is published by Ark Group UK/EUROPE/ASIA OFFICE Ark Group Ltd 6-14 Underwood Street London N1 7JQ United Kingdom

More information

Lateral Partner Hiring for Law Firms: Hiring for Success

Lateral Partner Hiring for Law Firms: Hiring for Success Lateral Partner Hiring for Law Firms: Hiring for Success MARK BRANDON PUBLISHED BY Lateral Partner Hiring for Law Firms: Hiring for Success is published by Ark Group UK/EUROPE/ASIA OFFICE Ark Conferences

More information

Talent Management for Lawyers: A Hands-On Guide. Rachel Brushfield

Talent Management for Lawyers: A Hands-On Guide. Rachel Brushfield Talent Management for Lawyers: A Hands-On Guide Rachel Brushfield Published by In association with Talent Management for Lawyers: A Hands-On Guide is published by Ark Group UK/EUROPE OFFICE Ark Conferences

More information

Winning Legal Business from Medium-Sized Companies. Silvia hodges phd

Winning Legal Business from Medium-Sized Companies. Silvia hodges phd Winning Legal Business from Medium-Sized Companies Silvia hodges phd Published by In association with Winning Legal Business from Medium-Sized Companies is published by Ark Group UK/EUROPE OFFICE Ark Conferences

More information

The Strategy-led Law Firm: Business Models that Work. Nicholas Bruch and John Cussons

The Strategy-led Law Firm: Business Models that Work. Nicholas Bruch and John Cussons The Strategy-led Law Firm: Business Models that Work Nicholas Bruch and John Cussons Published by In association with The Strategy-led Law Firm: Business Models that Work is published by Ark Group UK/EUROPE

More information

The Art of the Law Firm Merger

The Art of the Law Firm Merger JEFF GILLINGHAM PUBLISHED BY IN ASSOCIATION WITH SSG Legal is published by Ark Group UK/EUROPE OFFICE Ark Group Ltd 266/276 Upper Richmond Road London SW15 6TQ United Kingdom Tel +44 (0)20 8785 2700 Fax

More information

Best Practices in Social Media Governance

Best Practices in Social Media Governance Best Practices in Social Media Governance DION LINDSAY PUBLISHED BY Best Practices in Social Media Governance UK/EUROPE OFFICE Ark Conferences Ltd Paulton House 8 Shepherdess Walk London N1 7LB United

More information

Designing Mobile Apps: A Roadmap for Businesses

Designing Mobile Apps: A Roadmap for Businesses Designing Mobile Apps: A Roadmap for Businesses James Dellow Published by Designing Mobile Apps: A Roadmap for Businesses is published by Ark Group UK/EUROPE OFFICE Ark Conferences Ltd Paulton House 8

More information

Smart Social Media Recruitment Strategies. Andy Headworth

Smart Social Media Recruitment Strategies. Andy Headworth Smart Social Media Recruitment Strategies Andy Headworth Published by In association with Smart Social Media Recruitment Strategies is published by Ark Group UK/EUROPE OFFICE Ark Conferences Ltd Paulton

More information

Change Management for Law Firms CAROLINE POYNTON

Change Management for Law Firms CAROLINE POYNTON Change Management for Law Firms CAROLINE POYNTON PUBLISHED BY IN ASSOCIATION WITH Change Management for Law Firms is published by Ark Group UK/EUROPE OFFICE Ark Conferences Ltd Paulton House 8 Shepherdess

More information

Business Continuity Planning and Management for Law Firms

Business Continuity Planning and Management for Law Firms Business Continuity Planning and Management for Law Firms Nick Brook and Caroline Poynton Published by In association with Business Continuity Planning and Management for Law Firms is published by Ark

More information

Online Legal Services for the Client-Centric Law Firm

Online Legal Services for the Client-Centric Law Firm Online Legal Services for the Client-Centric Law Firm STEPHANIE KIMBRO PUBLISHED BY Online Legal Services for the Client-Centric Law Firm is published by Managing Partner UK/EUROPE/ASIA OFFICE Ark Conferences

More information

Strategic Human Resource Management for Law Firms. Julie Harrison

Strategic Human Resource Management for Law Firms. Julie Harrison Strategic Human Resource Management for Law Firms Julie Harrison Published by In association with SUPPORTED BY Strategic Human Resource Management for Law Firms is published by Ark Group UK/EUROPE OFFICE

More information

The Strategy-led Law Firm: Business Models that Work. Nicholas Bruch and John Cussons

The Strategy-led Law Firm: Business Models that Work. Nicholas Bruch and John Cussons The Strategy-led Law Firm: Business Models that Work Nicholas Bruch and John Cussons Published by In association with The Strategy-led Law Firm: Business Models that Work is published by Ark Group UK/EUROPE

More information

Law Firm Pricing: Strategies, Roles, and Responsibilities

Law Firm Pricing: Strategies, Roles, and Responsibilities Law Firm Pricing: Strategies, Roles, and Responsibilities TOBY BROWN AND VINCENT CORDO PUBLISHED BY IN ASSOCIATION WITH Law Firm Pricing: Strategies, Roles, and Responsibilities is published by Managing

More information

Breaking Barriers: Promoting and Retaining Women in the Legal Profession EDITED BY LAURA SLATER

Breaking Barriers: Promoting and Retaining Women in the Legal Profession EDITED BY LAURA SLATER Breaking Barriers: Promoting and Retaining Women in the Legal Profession EDITED BY LAURA SLATER PUBLISHED BY IN ASSOCIATION WITH Breaking Barriers: Promoting and Retaining Women in the Legal Profession

More information

Implementing an Effective Change Management Strategy. Neryl East

Implementing an Effective Change Management Strategy. Neryl East Implementing an Effective Change Management Strategy Neryl East Published by In association with Implementing an Effective Change Management Strategy is published by Ark Group UK/EUROPE OFFICE Ark Conferences

More information

Transition and Succession Planning for Law Firms: Securing Core Knowledge CAROLINE POYNTON

Transition and Succession Planning for Law Firms: Securing Core Knowledge CAROLINE POYNTON Transition and Succession Planning for Law Firms: Securing Core Knowledge CAROLINE POYNTON PUBLISHED BY IN ASSOCIATION WITH Transition and Succession Planning for Law Firms: Securing Core Knowledge is

More information

Compensation Design for Law Firms

Compensation Design for Law Firms EDITED BY HELEN ROCHE PUBLISHED BY IN ASSOCIATION WITH is published by Managing Partner in association with Ark Group UK/EUROPE/ASIA OFFICE Ark Conferences Ltd 6-14 Underwood Street London N1 7JQ United

More information

Designing Mobile Apps: A Roadmap for Businesses

Designing Mobile Apps: A Roadmap for Businesses Designing Mobile Apps: A Roadmap for Businesses James Dellow Published by Designing Mobile Apps: A Roadmap for Businesses is published by Ark Group UK/EUROPE OFFICE Ark Conferences Ltd Paulton House 8

More information

Big Data for Law Firms DAMIAN BLACKBURN

Big Data for Law Firms DAMIAN BLACKBURN Big Data for Law Firms DAMIAN BLACKBURN PUBLISHED BY IN IN ASSOCIATION WITH Big Data for Law Firms is published by Ark Group UK/EUROPE/ASIA OFFICE Ark Group Ltd 6-14 Underwood Street London N1 7JQ United

More information

The Legal Process Improvement Toolkit. Chris BuLL

The Legal Process Improvement Toolkit. Chris BuLL The Legal Process Improvement Toolkit Chris BuLL Published by In association with The Legal Process Improvement Toolkit is published by Ark Group UK/EUROPE OFFICE Ark Conferences Ltd Paulton House 8 Shepherdess

More information

Compensation Design for Law Firms

Compensation Design for Law Firms EDITED BY HELEN ROCHE PUBLISHED BY IN ASSOCIATION WITH is published by Managing Partner in association with Ark Group UK/EUROPE/ASIA OFFICE Ark Conferences Ltd 6-14 Underwood Street London N1 7JQ United

More information

THE SHERLOCK SYNDROME

THE SHERLOCK SYNDROME THE SHERLOCK SYNDROME Strategic Success through Big Data and the Darwinian Disruption ERIC HUNTER PUBLISHED BY IN ASSOCIATION WITH The Sherlock Syndrome: Strategic Success through Big Data and the Darwinian

More information

Ahead of the Game: Competitive Intelligence Strategies for Sustained Advantage. Soo Darcy

Ahead of the Game: Competitive Intelligence Strategies for Sustained Advantage. Soo Darcy Ahead of the Game: Competitive Intelligence Strategies for Sustained Advantage Soo Darcy Published by Ahead of the Game: Competitive Intelligence Strategies for Sustained Advantage is published by Ark

More information

The Lawyer s Guide to AFAs and Value Pricing

The Lawyer s Guide to AFAs and Value Pricing The Lawyer s Guide to AFAs and Value Pricing EDITED BY LAURA SLATER PUBLISHED BY IN ASSOCIATION WITH The Lawyer s Guide to AFAs and Value Pricing is published by Ark Group in association with Managing

More information

Best Practices in Legal Marketing. Edited by Kate Clifton

Best Practices in Legal Marketing. Edited by Kate Clifton Best Practices in Legal Marketing Edited by Kate Clifton Published by In In association with Best Practices in Legal Marketing is published by Ark Group UK/EUROPE OFFICE Ark Conferences Ltd Paulton House

More information

Online Legal Services for the Client-Centric Law Firm

Online Legal Services for the Client-Centric Law Firm Online Legal Services for the Client-Centric Law Firm STEPHANIE KIMBRO PUBLISHED BY Online Legal Services for the Client-Centric Law Firm is published by Managing Partner UK/EUROPE/ASIA OFFICE Ark Conferences

More information

Information Management for Law Firms. Paul Byfield

Information Management for Law Firms. Paul Byfield Information Management for Law Firms Paul Byfield Published by In association with Information Management for Law Firms is published by Ark Group UK/EUROPE OFFICE Ark Conferences Ltd Paulton House 8 Shepherdess

More information

Social Media Marketing for Law Firms

Social Media Marketing for Law Firms Social Media Marketing for Law Firms David Laud Published by In association with Social Media Marketing for Law Firms is published by Ark Group UK/EUROPE OFFICE Ark Conferences Ltd Paulton House 8 Shepherdess

More information

Effective Stress Management Techniques for Lawyers. Catrin Mills

Effective Stress Management Techniques for Lawyers. Catrin Mills Effective Stress Management Techniques for Lawyers Catrin Mills Published by In In association with Effective Stress Management Techniques for Lawyers is published by Ark Group UK/EUROPE OFFICE Ark Group

More information

Owning shares: a step-by-step guide

Owning shares: a step-by-step guide Owning shares: a step-by-step guide Royal Mail achieved an important milestone when it floated on the London Stock Exchange in 2013. Many of you will have received shares in Royal Mail through the Free

More information

Brand Strategy and Management for Law Firms. Sean Larkan

Brand Strategy and Management for Law Firms. Sean Larkan Brand Strategy and Management for Law Firms Sean Larkan Published by In association with Brand Strategy and Management for Law Firms is published by Ark Group UK/EUROPE OFFICE Ark Conferences Ltd Paulton

More information

Grant Thornton: Private equity in Asia Pacific set for buoyant growth

Grant Thornton: Private equity in Asia Pacific set for buoyant growth Press release Grant Thornton: Private equity in Asia Pacific set for buoyant growth 26 January 2015 Hong Kong Private equity firms based in the Asia-Pacific region are the most optimistic about deal activity

More information

Law Firms and Succession Planning

Law Firms and Succession Planning Law Firms and Succession Planning Jeff Gillingham, Senior Partner of SSG Legal August 2008 Organisations, by definition, have structures. These structures are not to curtail initiative but simply to ensure

More information

Sources of finance (Or where can we get money from?)

Sources of finance (Or where can we get money from?) Sources of finance (Or where can we get money from?) Why do we need finance? 1. Setting up a business 2. Need to finance our day-to-day activities 3. Expansion 4. Research into new products 5. Special

More information

5 STEPS TO Identifying Your Profitable Target Audience PUBLISHED BY

5 STEPS TO Identifying Your Profitable Target Audience PUBLISHED BY 5 STEPS TO Identifying Your Profitable Target Audience PUBLISHED BY You know that profiling your target audience is the best business practice... BUT WHY? Even children try to identify the right audience

More information

Grooming Your Business for Sale

Grooming Your Business for Sale PRIVATE COMPANIES Grooming Your Business for Sale Plan for the Future but Be Prepared for the Unexpected KPMG ENTERPRISE 2 Grooming Your Business for Sale Grooming Your Business for Sale Plan for the Future

More information

Incisive Business Guide to Business Insurance

Incisive Business Guide to Business Insurance Incisive Business Guide to Business Insurance Business Insurance Guide Summary This guide from Incisive Business outlines the features and benefits for your business from taking out business insurance.

More information

How to Grow and Sell a Franchise Business

How to Grow and Sell a Franchise Business How to Grow and Sell a Franchise Business Introduction Building a franchise business is hard work and when it is time to exit from the business you deserve to see the fruits of your labour. However, to

More information

Pay Less Tax NOVEMBER EDITION 2008. Thorne Widgery, 33 Bridge Street, Hereford HR4 9DQ

Pay Less Tax NOVEMBER EDITION 2008. Thorne Widgery, 33 Bridge Street, Hereford HR4 9DQ Pay Less Tax NOVEMBER EDITION 2008 Thorne Widgery, 33 Bridge Street, Hereford HR4 9DQ Tel: 01432 276 393 Fax: 01432 352 657 Email:info@thornewidgery.co.uk Tax savings become more important in credit crunch!

More information

Strategic Internal Communications: Boosting Corporate Culture, Productivity and Profitability

Strategic Internal Communications: Boosting Corporate Culture, Productivity and Profitability Strategic Internal Communications: Boosting Corporate Culture, Productivity and Profitability Leanne Mills and Shirley Anne Fortina Published by Strategic Internal Communications: Boosting Corporate Culture,

More information

Forming a Limited Company and becoming a Director

Forming a Limited Company and becoming a Director Forming a Limited Company and becoming a Director Forming a Limited Company Regardless of whether this is your first business or you ve been doing it for years, one of the choices you are likely to face

More information

GUIDE TO EXIT PLANNING & EXIT STRATEGY

GUIDE TO EXIT PLANNING & EXIT STRATEGY GUIDE TO EXIT PLANNING & EXIT STRATEGY M3 Corporate Finance M3 Corporate Finance is an independent corporate finance house focused exclusively on mid-market transactions. M3 offers specialist corporate

More information

Chapter 23 FOREIGN EXCHANGE RISK MANAGEMENT

Chapter 23 FOREIGN EXCHANGE RISK MANAGEMENT September-December 2016 Examinations ACCA F9 111 Chapter 23 FOREIGN EXCHANGE RISK MANAGEMENT 1. Introduction Globalisation has served to increase the amount of foreign trade which has in turn increased

More information

Owner managed businesses: Bringing your corporate and personal goals to life

Owner managed businesses: Bringing your corporate and personal goals to life Owner managed businesses: Bringing your corporate and personal goals to life Owner managed businesses PRECISE. PROVEN. PERFORMANCE. Bringing your corporate and personal goals to life Dynamic. Ambitious.

More information

Should I be registered for VAT?

Should I be registered for VAT? one Should I be registered for VAT? If your turnover (not profit, note) is more than 77,000 a year, you have no choice. You must register for VAT. But if your turnover is less than 77,000 a year, you may

More information

Retiring from the Family Business Last update: October 27, 2011

Retiring from the Family Business Last update: October 27, 2011 Summary Retiring from the Family Business Last update: October 27, 2011 If you are the owner or a major partner in a small business, your retirement concerns are more complex than most people s. It is

More information

TAX. Fair and Simple Taxation for Australia. Policy Centre Australia

TAX. Fair and Simple Taxation for Australia. Policy Centre Australia TAX Fair and Simple Taxation for Australia Policy Centre Australia April 2009 Published on the internet in May 2009 at Text: Peter Thyer This article is copyright, no part may be reproduced

More information

How to Triple Your Income with the Super 7 Annuity

How to Triple Your Income with the Super 7 Annuity Dr. Mark Skousen s SPECIAL REPORT For Forecasts & Strategies Subscribers Only How to Triple Your Income with the Super 7 Annuity IMPORTANT NOTE: This special report is for information and educational purposes

More information

Family Select Legal Protection

Family Select Legal Protection Family Select Legal Protection It may be an employment matter, a dispute over goods that you purchase or sell, or you and your family may find yourself involved in legal areas which are governed by a minefield

More information

Grays ecommerce Group CEO on FY15 results and outlook

Grays ecommerce Group CEO on FY15 results and outlook Homebush Corporate Park 29-33 Carter Street LIDCOMBE NSW 2141 Attention: ASX Company Announcements Platform Lodgement of Market Briefing 25 August 2015 Grays ecommerce Group CEO on FY15 results and outlook

More information

Article Accounting Terminology

Article Accounting Terminology Article Accounting Terminology Contents Page 1. Accounting Period... 4 2. Accounts Payable (Sundry Creditors)... 4 3. Accounts Receivable (Sundry Debtors)... 4 4. Assets... 4 5. Benchmarks... 4 6. B.O.S.

More information

Abbey Life Independent Governance Committee. Annual Report

Abbey Life Independent Governance Committee. Annual Report Abbey Life Independent Governance Committee Annual Report This is the first annual report of the Abbey Life Assurance Company (Abbey Life) Independent Governance Committee (IGC). We have been appointed

More information

Financial Planning. Presented by Emma's Garden

Financial Planning. Presented by Emma's Garden + Financial Planning Presented by Emma's Garden Financial Planning A comprehensive financial plan helps you to forecast and set your financial goals and milestones. Your financial forecasts are an essential

More information

Davy Defensive High Yield Fund from New Ireland

Davy Defensive High Yield Fund from New Ireland Davy Asset Management For Financial Advisors Only Davy Defensive High Yield Fund from New Ireland Davy Asset Management is regulated by the Central Bank of Ireland. Exposure to: equity-market type returns

More information

KEY GUIDE. Setting up a new business

KEY GUIDE. Setting up a new business KEY GUIDE Setting up a new business The business idea You have a business idea, but can you turn it into a viable enterprise? Is there a market for the goods you will produce or the services you will supply?

More information

GLOBAL E-COMMERCE REPORT. u s

GLOBAL E-COMMERCE REPORT. u s 2000 GLOBAL E-COMMERCE REPORT a ali str Au zil Bra d lan Fin ce Fran Hong Kong Japan R u s s i rmany a Si nga Ge pore Sou t h A fric a UK US A Contents Top-Line findings 3 E-commerce and employment 4 E-commerce

More information

KEY FEATURES OF THE SELF-INVESTED PERSONAL PENSION (SIPP) FOR INCOME DRAWDOWN OR PHASED RETIREMENT. Important information you need to read

KEY FEATURES OF THE SELF-INVESTED PERSONAL PENSION (SIPP) FOR INCOME DRAWDOWN OR PHASED RETIREMENT. Important information you need to read KEY FEATURES OF THE SELF-INVESTED PERSONAL PENSION (SIPP) FOR INCOME DRAWDOWN OR PHASED RETIREMENT Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR.

More information

1. Before signing a commercial or retail lease

1. Before signing a commercial or retail lease Before Signing a Commercial or Retail Lease page 1 SMALL BUSINESS INFO KIT 1. Before signing a commercial or retail lease A lease is a contract that you probably can t end early Entering into a lease is

More information

THE CONSUMERS ASSOCIATION OF CANADA, SASKATCHEWAN BRANCH THE SASKATCHEWAN RATE REVIEW PANEL

THE CONSUMERS ASSOCIATION OF CANADA, SASKATCHEWAN BRANCH THE SASKATCHEWAN RATE REVIEW PANEL SUBMISSION BY THE CONSUMERS ASSOCIATION OF CANADA, SASKATCHEWAN BRANCH TO THE SASKATCHEWAN RATE REVIEW PANEL IN THE MATTER OF THE APPLICATION BY SGI/AUTO FUND TO ADJUST ITS PREMIUM RATES IN 2007 March

More information

6 months to 28 Feb months to 29 Feb Exceptional items & goodwill amortisation 73 (9) (137) (70) (130)

6 months to 28 Feb months to 29 Feb Exceptional items & goodwill amortisation 73 (9) (137) (70) (130) Group Profit and Loss Account 6 months to 28 Feb 2005 6 months to 29 Feb 2004 12 months to 31 Aug 2004 Note Before exceptional items & goodwill Exceptional items & goodwill Total Before exceptional items

More information

Marketability: Exchange rates How they work and affect revenues

Marketability: Exchange rates How they work and affect revenues Annex A Marketability: Exchange rates How they work and affect revenues 1. Overview The value of the Canadian lobster industry is determined by several factors: resource abundance; the capacity of the

More information

Schroders Investment Trust ISA

Schroders Investment Trust ISA April 2016 Key Features of the Schroders Investment Trust ISA The Financial Conduct Authority is the independent financial services regulator. It requires us, Schroders, to give you this important information

More information

THEME: UNDERSTANDING EQUITY ACCOUNTS

THEME: UNDERSTANDING EQUITY ACCOUNTS THEME: UNDERSTANDING EQUITY ACCOUNTS By John W. Day, MBA ACCOUNTING TERM: Equity Equity is the difference between assets and liabilities as shown on a balance sheet. In other words, equity represents the

More information

Setting the scene. by Stephen McCabe, Commonwealth Bank of Australia

Setting the scene. by Stephen McCabe, Commonwealth Bank of Australia Establishing risk and reward within FX hedging strategies by Stephen McCabe, Commonwealth Bank of Australia Almost all Australian corporate entities have exposure to Foreign Exchange (FX) markets. Typically

More information

Succession Planning for General Practitioners

Succession Planning for General Practitioners Succession Planning for General Practitioners An introductory ebook for members of the Inner East Melbourne Medicare Local Contents 1 Foreword 1 2 How the GP Network can Help You to Plan Your Succession

More information

Quarterly Digital Intelligence Briefing: Personalisation, Trust and Return on Investment

Quarterly Digital Intelligence Briefing: Personalisation, Trust and Return on Investment Market Data / Supplier Selection / Event Presentations / User Experience Benchmarking / Best Practice / Template Files / Trends & Innovation Quarterly Digital Intelligence Briefing: Personalisation, Trust

More information

Industry Report. Motels - 2014. Market intelligence specific to your industry. Provided by. Macquarie Business Accountants

Industry Report. Motels - 2014. Market intelligence specific to your industry. Provided by. Macquarie Business Accountants Industry Report Market intelligence specific to your industry Motels - 2014 Provided by Macquarie Business Accountants Industry Statistics Sector Overview 4 Industry Statistics 4 Employment Data 5 Key

More information

Social Networking for Law Firms

Social Networking for Law Firms Social Networking for Law Firms DAVID LAUD PUBLISHED BY Social Networking for Law Firms is published by Managing Partner UK/EUROPE/ASIA OFFICE Ark Conferences Ltd 6-14 Underwood Street London N1 7JQ United

More information

Financial Planning and Management for Law Firms. John Cussons

Financial Planning and Management for Law Firms. John Cussons Financial Planning and Management for Law Firms John Cussons Published by In association with Financial Planning and Management for Law Firms is published by Ark Group UK/EUROPE OFFICE Ark Conferences

More information

KEY GUIDE. Setting up a new business

KEY GUIDE. Setting up a new business KEY GUIDE Setting up a new business The business idea Some of the decisions and actions that you take when starting a business can have significant effects for some time. The foundations you put in place

More information

Fees and other costs. MySuper. Member Booklet Supplement. 20 August 2016

Fees and other costs. MySuper. Member Booklet Supplement. 20 August 2016 Member Booklet Supplement Fees and other costs 20 August 2016 The information in this document forms part of the First State Super Member Booklets (Product Disclosure Statements) for: 55 Employer Sponsored

More information

Information Management for Law Firms. Paul Byfield

Information Management for Law Firms. Paul Byfield Information Management for Law Firms Paul Byfield Published by In association with Information Management for Law Firms is published by Ark Group UK/EUROPE OFFICE Ark Conferences Ltd Paulton House 8 Shepherdess

More information

Information On Buying A Home

Information On Buying A Home Gateway To Affordable Housing NEW SUPPLY SHARED EQUITY Information On Buying A Home ALL YOU NEED TO KNOW ABOUT NEW SUPPLY SHARED EQUITY The Association is delighted to announce the sale of 32 properties

More information

MANAGEMENT CASE STUDY MARCH 2015 EXAM ANSWERS. Variant 4

MANAGEMENT CASE STUDY MARCH 2015 EXAM ANSWERS. Variant 4 MANAGEMENT CASE STUDY MARCH 2015 EXAM ANSWERS Variant 4 https://connect.cimaglobal.com/resources/management-case-study-exam/march-2015- management-level-case-study-exam---bild-variant-number-4 The March

More information

Introduction to Warranty and Indemnity Insurance 18 October 2012

Introduction to Warranty and Indemnity Insurance 18 October 2012 Introduction to Warranty and Indemnity Insurance 18 October 2012 Mergers & Acquisitions Insurance Group Adrian Furlonge Assistant Vice President Svetlana Soroka Senior Underwriter Introduction Background

More information

www.pwc.co.uk R&D tax relief May 2012

www.pwc.co.uk R&D tax relief May 2012 www.pwc.co.uk R&D tax relief May 2012 R&D tax reliefs over view of current schemes March 2012 Slide 2 R&D tax relief The UK government provides some significant tax incentives for companies undertaking

More information

CPA FIRM MERGERS: YOUR COMPLETE GUIDE

CPA FIRM MERGERS: YOUR COMPLETE GUIDE CPA FIRM MERGERS: YOUR COMPLETE GUIDE Marc Rosenberg, CPA All rights reserved. These materials may not be reproduced or distributed to any other person without written permission from The Rosenberg Associates

More information

2) A project should automatically be accepted when the project's base case net present value is positive.

2) A project should automatically be accepted when the project's base case net present value is positive. Questions Chapter 11 1) Given a tax rate of zero, the accounting break-even point for a project: [A] indicates when the net present value turns positive. [B] excludes depreciation in its computation. [C]

More information

VALUATION OF AUSTRALIAN LISTED AND PRIVATE TECHNOLOGY SECTOR COMPANIES.

VALUATION OF AUSTRALIAN LISTED AND PRIVATE TECHNOLOGY SECTOR COMPANIES. VALUATION OF AUSTRALIAN LISTED AND PRIVATE TECHNOLOGY SECTOR COMPANIES. The Copyrights and Authorship Rights to this material are vested in Newport Capital Group Pty Ltd. This paper has been prepared by

More information

JLT M&A Global Review

JLT M&A Global Review JLT M&A Global Review Over $4bn 800 (650 excluding USA) JLT have placed insurance in 2012 on deals with a combined value of over $4 billion. Estimated global M&A insurance policy count in 2012: 800 (650

More information

EFQM Levels of Excellence

EFQM Levels of Excellence EFQM Levels of Excellence Committed to Excellence A Guide for Applicants 2007 EFQM It is the EFQM s intent to encourage the widespread use of this material within companies and organisations. However,

More information

FACTORS TO CONSIDER IN A PARTNERSHIP OR SHAREHOLDERS AGREEMENT

FACTORS TO CONSIDER IN A PARTNERSHIP OR SHAREHOLDERS AGREEMENT FACTORS TO CONSIDER IN A PARTNERSHIP OR SHAREHOLDERS AGREEMENT This guide has been prepared to assist CPA Australia members who hold a public practice certificate and who may be considering entering into

More information

gender income distribution of top earners in ASX200 companies 2006 EOWA census of women in leadership

gender income distribution of top earners in ASX200 companies 2006 EOWA census of women in leadership advancing women and business Australian Government Equal Opportunity for Women in the Workplace Agency gender income distribution of top earners in ASX200 companies 2006 EOWA census of women in leadership

More information

Financial Services Guide

Financial Services Guide Financial Services Guide Access Prepaid Australia Pty Pty Ltd Ltd Date of preparation: 19 15 July June 2011 2012 Financial Services Guide Under the Corporations Act 2001 (Cth) we are required to provide

More information

Conducting a regulatory change measurement Guide to assessing and calculating costs Toolkit 2 Version 1.1 March 2010

Conducting a regulatory change measurement Guide to assessing and calculating costs Toolkit 2 Version 1.1 March 2010 Guide to assessing and calculating costs Toolkit 2 Version 1.1 March 2010 Guide to assessing and calculating costs Toolkit 2 The manual is available on the DTF website at .

More information

Valuing a Legal Practice

Valuing a Legal Practice Valuing a Legal Practice By SAM COUPLAND, DIRECTOR, FMRC LEGAL If any business is to be valuable it must be profitable, organised and able to achieve replicable results through quality systems. In many

More information

Choosing the right option strategy

Choosing the right option strategy Course #: Title Module 4 Choosing the right option strategy Topic 1: How to choose the right strategy... 3 Takers and writers... 3 Topic 2: Price... 5 Which direction is the market headed?... 5 Topic 3:

More information

The secrets of pricing for profit

The secrets of pricing for profit The secrets of pricing for profit Economists claim that prices are set by markets. But they are wrong. Prices are set by people running businesses. People like you. And they are among the most important

More information

A PRACTICAL GUIDE TO VENTURE CAPITAL FUNDING FOR EARLY STAGE COMPANIES

A PRACTICAL GUIDE TO VENTURE CAPITAL FUNDING FOR EARLY STAGE COMPANIES A PRACTICAL GUIDE TO VENTURE CAPITAL FUNDING FOR EARLY STAGE COMPANIES A COURTESY GUIDE PREPARED BY SWAAB ATTORNEYS 2014 Introduction to venture capital investment Venture capital is money provided by

More information

For personal use only

For personal use only Attention ASX Company Announcements Platform Lodgement of Open Briefing ASX ANNOUNCEMENT: 8 February 2012 CEO and CFO on Half Year Results and Outlook Open Briefing with and CFO Martin Brooke Talent2 International

More information