Fox Williams, one of our clients, is on the ball here – so we thought we would share this with you all! Tina Williams and her team say it all – so maybe now is a good time to plan how to support your fellow partners build their careers so they can gracefully retire – and not fall off a cliff?
Lawyer loses retirement age appeal
The Supreme Court today handed down its long-awaited judgment on age discrimination in partnerships and LLPs with retirement ages in the case of Seldon v Clarkson Wright and Jakes. Mr Seldon’s appeal in respect of his compulsory retirement was unanimously dismissed.
For the five key points to note, please click here
If you would like advice or support in connection with this issue, please contact
Tina Williams (cjwilliams@foxwilliams.com)
Doug Preece (dpreece@foxwilliams.com)
Daniel Sutherland (dsutehrland@foxwilliams.com)
As you know we are always here – and currently I am writing up a Report on the Role of a Partner in a law firm – for the future. If you would like to reserve a copy – let Charlotte know.
Welcome to our new website which we hope is a growing resource of Thought Leadership, information, current events and news, with an emphasis on Business and People Improvement within the Legal, Commercial and Financial Services Sectors, based on the consultancy and development projects we undertake here at Trafalgar - The People Business.
26 April, 2012
13 April, 2012
Cameron in Asia - Singapore Continues to Grab the Headlines
Singapore continues to be a hot topic in the news over the last few weeks, with some well known firms pursuing new options in the East, just as David Cameron has suggested.
After a six-month pause on the opening of their new office in Singapore, Addleshaw Goddard are now poised to launch the new branch, headed up by litigation partner Jamie Harrison. For the full article please click here.
Another firm that have just secured a licence for their launch in Lion City are Squire Sanders. The new office will be managed by Ignatius Hwang, who joined the firm in February 2012. For the full article please click here.
But Allen & Overy have called off merger talks with Allen & Gledhill's Singapore office after terms failed to be agreed. A spokesperson for Allen & Overy has said that that the South East Asia region is still seen as strategically significant and also that it is still a key market for A&O. A&G managing partner Lucien Wong (contributor to patricia's Leadership in Law firms book (Dec'10)) put in his statement at the time: “Our strategy of maintaining our market-leading position in Singapore and being a leading law firm in South East Asia hasn’t changed, and we’re confident of pursuing this strategy without being in an alliance with, or being part of, an international law firm.” For the full article please click here.
After a six-month pause on the opening of their new office in Singapore, Addleshaw Goddard are now poised to launch the new branch, headed up by litigation partner Jamie Harrison. For the full article please click here.
Another firm that have just secured a licence for their launch in Lion City are Squire Sanders. The new office will be managed by Ignatius Hwang, who joined the firm in February 2012. For the full article please click here.
But Allen & Overy have called off merger talks with Allen & Gledhill's Singapore office after terms failed to be agreed. A spokesperson for Allen & Overy has said that that the South East Asia region is still seen as strategically significant and also that it is still a key market for A&O. A&G managing partner Lucien Wong (contributor to patricia's Leadership in Law firms book (Dec'10)) put in his statement at the time: “Our strategy of maintaining our market-leading position in Singapore and being a leading law firm in South East Asia hasn’t changed, and we’re confident of pursuing this strategy without being in an alliance with, or being part of, an international law firm.” For the full article please click here.
Invoices, being paid, not being paid and all that jazz
So often the main priority in a business is to gain clients and gain work. This is all well and good and crucial for the success of the business; however, in their eagerness to get clients and get work, many businesses lose sight of the fact that the one key lifeblood to the success of the business is cash-flow. Without that the business heart will not beat! Therefore businesses always need to have at the forefront of their mind ‘Get work, do work, get paid!'
To focus the mind on the third element, Jemma Holliday, Costs Lawyer and Head of Business Development at Jennings Law LLP Debt Recovery Solicitors, provides some useful guidance for businesses to ensure they do not find that all of their cash flow is tied up in unpaid overdue invoices.
As a firm that deals exclusively with debt recovery work, Jennings see the same issues crop up time and time again. Before discussing the debt recovery side there are a few housekeeping issues businesses should be mindful of to get the most out of their credit control/debt recovery procedure.
1. Know who is going to pay you. It may sound an obvious point but so often firms are so pleased to get the work the issue of being paid is not at the forefront of their mind. Therefore once a new client comes on board take a step back and see who you are dealing with. Is it a limited company or an individual? Who is ultimately agreeing to pay you for the work you have been asked to do?
2. Decide if you want to do the work. Again, sounds a little obvious however, once you have established who you are dealing with you may not want to run up a big bill if you find out this particular customer has a shocking credit history and never pays bills! Various credit agencies can run checks on your potential customers and companies house is also a good indication if you are dealing with a company that may be in difficulty.
3. Payment Terms. Make sure terms are clear and specified. Are you in a business where retention of title would be appropriate? What is your firm’s position in relation to interest on late payments? Many businesses are not aware that there is legislation namely the Late Payment of Commercial Debts (Interest) Act 1998 which allow businesses to add interest at a rate of 8% above the base rate. The act also provides for recovery of a fixed amount to compensate the business for the late payment which can be anything up to £100. Businesses should take advantage of this legislation because as a result of the late payment they have been out of pocket!
So your invoice is correct but it has not been paid, what now?
‘The credit control procedure for the business is vital’ Jemma tells us. ‘It’s a hard fact that the longer an invoice is left unpaid statistically the chance of recovery goes down. Businesses need a firm procedure in place and time is very much of the essence.
The starting point is having a system that lets you know once an invoice is beyond terms. If your terms 30 days, on day 31 an invoice is overdue. Many of our clients act on day 31, some use their own internal resources and some have it set within their procedure that we get instructed on day 31 to act as a gentle reminder to their customer that the invoice is outstanding. Jennings have a ‘softly softly’ letter that is designed not to offend any of our clients’ customers, but to gently remind them that the invoice is late, and that our client’s credit control procedure has resulted in our involvement. It stresses that they value the relationship and assume that the delay was simply an oversight. Clients are valuable and businesses don’t want to lose them. If there is a chance that the relationship is worth salvaging then try and keep it. As this service only costs £1 plus VAT it is a highly cost effective way of injecting cash flow at a low cost.
If you are dealing with your own credit control in house after day 30 have your plan of attack. How many calls/ letters will you send before you take things to the next stage and when this is decided stick to it?
If that next stage is reached and despite your best efforts payment has not been made you MUST follow through with your threats. If you have said that you will involve your Debt Collection Agency or Solicitor then you must do so. If not your debtor will know you will not follow through and they can avoid paying.
Know your options. Many firms of Solicitors offer low cost assistance for help in recovering overdue invoices. Jennings provide a ‘letter before action’ service for only £1 plus VAT so businesses know that for even the lower value debts they have a tool available that is cost effective.
Outsourcing debt recovery work does not need to cost the earth. Jennings Law LLP Debt Recovery Solicitors offer various fixed charging structures for dealing with matters at any stage with costs as low as £1 plus VAT and also offer fixed fees. If you would like a free ‘health check’ on your own debt recovery procedure which includes free guidance on the late payment legislation please feel free to contact Jemma Holliday at Jennings Law LLP on 01228 673332 or by email jemma.holliday@jenningslawllp.com
To focus the mind on the third element, Jemma Holliday, Costs Lawyer and Head of Business Development at Jennings Law LLP Debt Recovery Solicitors, provides some useful guidance for businesses to ensure they do not find that all of their cash flow is tied up in unpaid overdue invoices.
As a firm that deals exclusively with debt recovery work, Jennings see the same issues crop up time and time again. Before discussing the debt recovery side there are a few housekeeping issues businesses should be mindful of to get the most out of their credit control/debt recovery procedure.
1. Know who is going to pay you. It may sound an obvious point but so often firms are so pleased to get the work the issue of being paid is not at the forefront of their mind. Therefore once a new client comes on board take a step back and see who you are dealing with. Is it a limited company or an individual? Who is ultimately agreeing to pay you for the work you have been asked to do?
2. Decide if you want to do the work. Again, sounds a little obvious however, once you have established who you are dealing with you may not want to run up a big bill if you find out this particular customer has a shocking credit history and never pays bills! Various credit agencies can run checks on your potential customers and companies house is also a good indication if you are dealing with a company that may be in difficulty.
3. Payment Terms. Make sure terms are clear and specified. Are you in a business where retention of title would be appropriate? What is your firm’s position in relation to interest on late payments? Many businesses are not aware that there is legislation namely the Late Payment of Commercial Debts (Interest) Act 1998 which allow businesses to add interest at a rate of 8% above the base rate. The act also provides for recovery of a fixed amount to compensate the business for the late payment which can be anything up to £100. Businesses should take advantage of this legislation because as a result of the late payment they have been out of pocket!
So your invoice is correct but it has not been paid, what now?
‘The credit control procedure for the business is vital’ Jemma tells us. ‘It’s a hard fact that the longer an invoice is left unpaid statistically the chance of recovery goes down. Businesses need a firm procedure in place and time is very much of the essence.
The starting point is having a system that lets you know once an invoice is beyond terms. If your terms 30 days, on day 31 an invoice is overdue. Many of our clients act on day 31, some use their own internal resources and some have it set within their procedure that we get instructed on day 31 to act as a gentle reminder to their customer that the invoice is outstanding. Jennings have a ‘softly softly’ letter that is designed not to offend any of our clients’ customers, but to gently remind them that the invoice is late, and that our client’s credit control procedure has resulted in our involvement. It stresses that they value the relationship and assume that the delay was simply an oversight. Clients are valuable and businesses don’t want to lose them. If there is a chance that the relationship is worth salvaging then try and keep it. As this service only costs £1 plus VAT it is a highly cost effective way of injecting cash flow at a low cost.
If you are dealing with your own credit control in house after day 30 have your plan of attack. How many calls/ letters will you send before you take things to the next stage and when this is decided stick to it?
If that next stage is reached and despite your best efforts payment has not been made you MUST follow through with your threats. If you have said that you will involve your Debt Collection Agency or Solicitor then you must do so. If not your debtor will know you will not follow through and they can avoid paying.
Know your options. Many firms of Solicitors offer low cost assistance for help in recovering overdue invoices. Jennings provide a ‘letter before action’ service for only £1 plus VAT so businesses know that for even the lower value debts they have a tool available that is cost effective.
Outsourcing debt recovery work does not need to cost the earth. Jennings Law LLP Debt Recovery Solicitors offer various fixed charging structures for dealing with matters at any stage with costs as low as £1 plus VAT and also offer fixed fees. If you would like a free ‘health check’ on your own debt recovery procedure which includes free guidance on the late payment legislation please feel free to contact Jemma Holliday at Jennings Law LLP on 01228 673332 or by email jemma.holliday@jenningslawllp.com
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