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Professional Services |
Click on the folders below to see videos and other content.
 About this Knowledge Centre
Audio Podcasts
In this audio podcast Peter Gillman is the Managing Director of Price Bailey, a £15m fee chartered accountancy practice that has already moved to Limited Liability Partnership structure. Here he looks at arrange of pros and cons, including unexpected ramifications.
PODCAST: Moving from Partnership to LLP Peter Gillman, Partner, Price Bailey LLP
In this audio podcast Ben Favaloro, Business Development manager with Smith & Williamson’s corporate tax unit, explains how the business the business development role works in an accountancy firm and what are the key activities that he undertakes.
PODCAST: Business development in professional services firms
Ben Favaloro, Business Development, Smith & Williamson
In this audio podcast Richard Turner, Chief Executive of Clear Swift, recently changed his audit firm from one of the Big 4 to Grant Thornton. He explains why and how he went about selecting his new auditors.
PODCAST: Choosing a new auditor Richard Turner, Chief Executive, Clearswift
Career Planning and Reward
Francis Thoday, Managing Director of Magnus, recounts his personal experience of moving from accounting practice to business.
In this interview Francis talks about:
● his first impressions when moving to business management and consulting
● how he ensured he understood the new business he was working with
● the things he hadn't expected.
Moving from accounting practice to business management: a personal experience
Francis Thoday, Managing Director, Magnus
Francis Thoday, Managing Director of Magnus, talks about what he has learnt by moving from accounting practice to business management.
In this interview Francis gives his three golden rules to follow when moving from practice to commerce:
- monitor cash position very closely
- draw lines you won’t cross in your business practices
- ensure you have cash reserves of at least 3 months to give a degree of short term security and options.
Moving from accounting practice to business: 3 golden rules Francis Thoday, Managing Director, Magnus Ltd
IT and Outsourcing
Ian Prince, Founder and Principal Consultant of Prince OMC, explains the issues surrounding outsourcing for legal firms.
Ian provides insight into:
● the difficulties of outsourcing for a legal firm
● how this outsourcing differs to other businesses
● the results of his research from a survey of legal firms
● the extent to which IT can be outsourced in a law firm.
Outsourcing for legal practicesIan Prince, Founder and Principal Consultant of Prince OMC
Alan Pelz-Sharpe, Principal and Partner of CMS Watch, talks about managing email in relation to case management.
In this interview Alan outlines:
● the key issue for law firms
● good practice for archiving and indexing
● key factors when choosing a technology solution.
Managing email in relation to case management at law firms
Alan Pelz-Sharpe, Principal & Partner, CMS Watch
M&A
Tom Mckeever, Managing Partner of Farncombe consulting, recounts his experience of merging his firm with another.
In this interview Tom talks about:
● his reason for merging with another consultancy firm
● why scale is important to his business
● the advantages of merging with another firm
● the factors relating to his choice of management
● what he has learnt from the experience.
Mergers: Experiences of a strategy consultancyTom Mckeever, Managing Partner, Farncombe Strategy
Marketing and Strategy
Geert van der Elst is a director of Gelst and specialises in helping professional services firms increase their revenues. In this interview Geert explains the importance of win/loss reviews for professional services firms and advises on how to go about doing such reviews.
Win/loss reviews Geert van der Elst
, Director, Gelst
Geert van der Elst is a director of Gelst and specialises in helping professional services firms increase their revenues. In this interview Geert advises partners who may be uncomfortable in a sales situation on how to conduct a sales meeting.
Sales tips for partners Geert van der Elst, Director, Gelst
Peter Gamson, partner responsible for professional practices at Grant Thornton, talks about his approach to finding new clients. He also shares his observations about the successful business development activities adopted by his clients (all of whom are professional services firms).
Finding new clients: professional services firms Peter Gamson Head of Professional Services Practices Group, Grant Thornton
Geert van der Elst is a director of Gelst and specialises in helping professional services firms increase their revenues. In this interview Geert highlights the relevance of the marketing function to business development in a professional services firm and advises on how you can integrate and align your sales and marketing activities.
Integrating your marketing into your business development process Geert van der Elst, Director, Gelst
Geert van der Elst is a director of Gelst and specialises in helping professional services firms increase their revenues. In this interview Geert advises on how firms should go about generating new leads.
Finding new clients: lead generation Geert van der Elst , Director, Gelst
Matthew Honey, who regularly engages corporate advisors, discusses how he goes about finding a new advisor. A professional image and good communication from the outset is key in terms of selection.
Choosing the right advisor Matthew Honey, Director, KineticHelm Ltd
Margaret Mannell, Director of Administration at Morrison & Foerster’s London office, talks about “BD Twitter”, an innovative and practical approach adopted by her firm for sharing of knowledge and intelligence between partners prior to meeting potential clients.
BD Twitter: a practical approach to sharing of client information Margaret Mannell, Director of Administration, Morrison & Foerster LLP, London
Charlie Lawson, National Director for BNI, a business referral organisation, explains why networking is an important aspect of marketing for professional services firms.
"you go to networking events to meet people and make new contacts, not to do business."
Attending networking events: is it a good use of time? Charlie Lawson, National Director of UK & Ireland, BNI
Charlie Lawson, National Director for BNI, a business referral organisation, talks about the importance of ‘word of mouth marketing’ and explains how professionals can make use of this type of marketing.
"....... unless they know, trust and like you, they are not going to refer you to others."
Referral marketing for professional services firms Charlie Lawson, National Director of UK & Ireland, BNI
Charlie Lawson, National Director for BNI, a business referral organisation, offers useful tips for successful networking.
"get them to talk about themselves and their business."
How to network successfully Charlie Lawson, National Director of UK & Ireland, BNI
Mark Perl is the director The Guru Garage, a company dedicated to training professionals how to network in a confident and effective manner and how to follow up potential opportunities with a professional and positive approach.
• What makes a good networker
• The common problems that hinder networking effectively
• How to overcome those problems
• Getting the most out of networking
How to Network Successfully Mark Perl, Director, The Guru Garage
Mahendra Shah is principal accountant at Sherwoods Accountants, a chartered certified accountant providing auditing, accounting and tax services, as well as offering advice on how to improve and develop businesses.
In this interview Mahendra discusses how Sherwoods is responding to the economic downturn by focusing on good customer service.
View from the Bunker Mahendra Shah, Principal Accountant, Sherwoods Accountants
Mark Perl is the director The Guru Garage, a company dedicated to training professionals in how to network in a confident and effective manner and how to follow up potential opportunities with a professional and positive approach.
In this interview Mark discusses:
• How to make conferences work
• How to go about finding leads
• How to be confident when networking at conferences
Making the Most Out of Attending Conferences Mark Perl, Director, The Guru Garage
Mark Perl is the director The Guru Garage, a company dedicated to training professionals hot to network in a confident and effective manner and how to follow up potential opportunities with a professional and positive approach.
In this interview Mark talks about The Guru Garage.
Introduction to Guru Garage Mark Perl, Director, The Guru Garage
Robert Hall, Managing Director of Sunrise Consulting, talks about the issues surrounding marketing for a small consultancy.
In this interview Robert explains:
● how a small consultancy can market its services
● how to look for and identify new clients.
Marketing of services for a small consultancy
Robert Hall, Managing Director, Sunrise Consulting
Alysoun Stewart, Partner of Grant Thornton LLP, talks about the marketing and strategic challenges facing professional service firms.
In this interview Alysoun talks about addressing strategy and marketing challenges arising from the consolidating market for professional services firms:
● the key challenges facing professional practices
● how to respond to the consolidation of the marketplace
● how to develop a more commercial, market-facing approach.
Becoming more commercial: addressing the challenges of a consolidating market Alysoun Stewart, Partner, Grant Thornton LLP
Partnership Structures and Governance
Peter Gillman is the Managing Director of Price Bailey, a £15m fee chartered accountancy practice that has already moved to Limited Liability Partnership structure. Here he looks at a range of pros and cons, including unexpected (but positive!) ramifications.Peter highlights the need to involve your bankers from an early stage.
Moving from Partnership to LLP Peter Gillman, Partner, Price Bailey LLP
Practice Profitability
Frank Jones, Chairman of ASAP UK Ltd, talks about how to use and manage the mix of staff to improve business effectiveness, flexibility and profitability.
In this interview Frank explains:
● the factors which drive the appropriate mix of staff – permanent and contract
● how it can be used
● special considerations at the international level in different parts of Europe.
Utilising the permanent vs. contract staff mix to manage business profitability Frank Jones, Chairman, ASAP UK Ltd
Frank Jones, Chairman of ASAP UK Ltd, talks about how a firm can prepare for a downturn and how it can affect the mix of staff.
In this interview Frank explains:
● the indications of when revenues are at risk
● how a firm can manage its profitability during a downturn
● the implications of the mix of staff – permanent and contract.
Detecting and preparing for a business downturn Frank Jones, Chairman, ASAP UK Ltd
Robert Mowbray, a Partner with Taylor Mowbray LLP, looks at the issue of profit share arrangements, focusing on:
• How to make changes to existing schemes
• How to phase changes
• What performance measurements should be used to drive profit share arrangements
Managing partner reward schemes Robert Mowbray, Partner, Taylor Mowbray LLP
Robert Mowbray, a Partner with Taylor Mowbray LLP, explains how fee income and practice profitability can be maintained during a downturn.
In this interview Robert discusses:
• whether it is inevitable that the total fee income will decline during a downturn
• how to treat partners and fee earners who are not busy
• how to resist price erosion
• what firms can do to maintain their overall income
• the potential for reducing other costs.
Maintaining fee income during a downturn Robert Mowbray, Partner, Taylor Mowbray LLP
Robert Mowbray, Principal of MacIntyre, talks about how to improve efficiency and profitability in legal practices.
In this interview Robert explains:
● the ways to measure comparative efficiency
● how to maximise efficiency when undertaking a client assignment
● how structure can affect profitability.
Optimising legal practice efficiency and profitabilityRobert Mowbray, Principal, MacIntyre Hudson
Professional Services - General
Risk and Compliance
Peter Gamson, Audit Partner and Head of National Professional Practices Group, Grant Thornton, talks about risk management when taking on new clients.
In this interview Peter explains:
● the relevant aspects of risk management when taking on a client
● the significance of Terms and Conditions
● the advantages of having a review committee.
Risk management when taking on new clients
Peter Gamson, Audit Partner and Head of National Professional Practices Group, Grant Thornton
Peter Gamson, Audit Partner and Head of National Professional Practices Group, Grant Thornton, talks about risk management concerning claims.
In this interview Peter explains:
● how firms can make sure that they are dealing with claims properly
● how firms can ensure all claims have been handled.
Risk management: Dealing with claims against the firm
Peter Gamson, Audit Partner and Head of National Professional Practices Group, Grant Thornton
Janet Taylor, Training Manager of MacIntyre Hudson, talks about the issues relating to Solicitors Accounts Rules.
Janet explains:
● the main challenges caused by Solicitors Account Rules
● the most common breaches of the Rules
● tips for ensuring the rules are followed.
Compliance with Solicitors Accounts RulesJanet Taylor, Training Manager, MacIntyre Hudson
Tax Issues
Mark Buffery, Chartered Accountant and VAT Practitioner, talks about VAT issues when raising funds.
In this interview Mark explains:
● the key ways to recover VAT when raising funds
● how different types of finance can affect VAT.
VAT: Costs of fundraisingMark Buffery, Chartered Accountant and VAT Practitioner
Mark Buffery, Chartered Accountant and VAT Practitioner, talks about reclaiming VAT on disbursements.
Mark highlights some of the issues concerning:
● the reclamation of VAT on disbursements
● risks businesses run by failing to understand the VAT process.
VAT: Reclaims on disbursementsMark Buffery, Chartered Accountant and VAT Practitioner
Mark Buffery, Chartered Accountant and VAT Practitioner, talks about the VAT issues concerning company acquisitions.
In this interview Mark explains:
● the VAT implications of buying assets
● the VAT implications of buying a company
● the VAT implications of buying a going concern.
VAT: Company acquisitionsMark Buffery, Chartered Accountant and VAT Practitioner
Mark Buffery, Chartered Accountant and VAT Practitioner, talks about VAT issues related to international services.
Mark provides insight into:
● the principles of VAT from overseas clients
● the geographical issues relating to invoices
● future changes in legislation.
VAT: International servicesMark Buffery, Chartered Accountant and VAT Practitioner
Mark Buffery, Chartered Accountant and VAT Practitioner, talks about VAT issues concerning property transactions.
In this interview Mark covers:
● the most common VAT pitfalls when dealing with property transactions.
VAT: Property transactionsMark Buffery, Chartered Accountant and VAT Practitioner
Working Capital Management
Victoria Leigh is a lawyer who specialises in commercial matters and dispute resolution. Here Victoria looks at how to deal with customers who won’t pay your bills, covering:
• The general steps you should take to manage the debt position of your business
• How to maximise your negotiating position with a non payer
• The options if you have to “go legal”, and associated costs
• Other aspects you should consider before taking action
Dealing with customers who won’t pay their bills Victoria Leigh, Partner, Hammonds
Gary Jesson, MD of E-Financial Management, a finance process outsourcing company, talks about the importance of Working Capital Management for professional services companies such as law firms.
In this interview Gary explains:
● the importance of Working Capital Management to a legal practice
● the ways of measuring WCM performance
● the signs which indicate WCM issues
● how to improve WCM capabilities as a legal practice
● who should be responsible for cash collection.
Working capital management: Legal firmsGary Jesson, MD, E-Financial Management
Jennifer Oldfield, MD of The Quartz Partnership (Bradbury Financial), talks about Working Capital Management in a legal practice.
In this interview Jennifer explains:
● why legal firms should worry about the extent of their working capital
● how a firm can measure the efficiency of its working capital
● how a firm can optimise the accuracy and efficiency of its billing
● the measures a firm can take to speed up cash collection.
Working capital management: Legal firmsJennifer Oldfield MD, The Quartz Partnership
Piyali Williams, Head of Professional Propositions at HSBC Business Banking, talks about Working Capital Management from the bank's point of view.
Piyali provides insight into:
● which clients HSBC are concerned about during this credit crisis
● the sort of behaviour that makes a bank nervous, and what makes them confident
● the covenants the bank focuses on.
Working capital management: The bank's view - HSBC
Piyali Williams, Head of Professional Propositions, HSBC Business Banking
Lindsey Rix, Industry Commercial Director of Barclays Commercial Bank, explains the bank’s view of Working Capital Management in Professional services.
Lindsey explains:
• what makes a bank nervous and what gives it confidence
• the most important covenants
• the bank’s advice for deteriorating companies and the controls it puts in place for them.
Working capital management: The bank's view - Barclays Commercial Bank
Lindsey Rix, Industry Commercial Director
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KC Director
Bill Brown:
Chartered accountant and consultant in financial accounting and corporate governance matters.
Panel of Experts 
Robert Mowbray:
An expert in law firm profitability and in particular time recording and transaction management. He believes in giving practical down to earth advice that not only works but delivers results.
Peter Gamson:
Audit partner, leads Grant Thornton's Professional Practices Group.
Mark Buffery:
Chartered Accountant specialising in VAT.
Francis Thoday:
Chartered accountant and independent consultant advising businesses on how to run their finances effectively and efficiently.
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