AdIdem - a financial management solution for law firms
What is AdIdem?
AdIdem is a financial management consulting product, designed specifically for law firms, as well as lenders to law firms.
Law firms using AdIdem will improve their financial performance.
Lenders using AdIdem will be able to gain a far better understanding of the specific challenges facing firms, as well as an action plan that firms can follow to improve their ability to repay their debt.
Why You?
Law firms fall into two categories – the firm either has specific financial challenges, or is in a reasonable financial situation but could improve. However, partners may not have the time to manage these challenges in an effective way. Using credible experts from outside the firm can often be the most effective method to introduce change.
Why us?
Peter Scott and Ted Dwyer are both solicitors who have expertise in financial management and in running businesses.
Peter is a solicitor who was for eight years the Managing Partner of Eversheds in London and now advises law firms on a range of management and performance issues, particularly financial management involving improving profitability and cash flow.
Ted is an Australian lawyer who practised for 5 years in major law firms, prior to going into business and then completing an MBA. In the UK he has gained a solid reputation as an effective trainer and consultant in financial management, profitability and risk management for law firms and accounting firms.
Peter and Ted have both managed legal practices and so have a complete understanding of the pressures and challenges facing partners in their search for increased profitability and better financial health.
What we do for law firms, practice groups and individual fee-earners
We use a structured, deliberate consulting process – split into 4 different phases. We use our own unique tools to identify why the firm is not making the profit and is not generating the cash flow it needs. We use this foundation to suggest how effective management can turn things around.
The phases can be purchased separately, depending on the specific need of the firm. For more information, email pscott@peterscottconsult.co.uk.
What we do for lenders
We work with banks that require client firms to improve their financial management, especially those that are having problems meeting their debt obligations. We can analyse the firm and then advise on options available to the bank.
For more information, email pscott@peterscottconsult.co.uk.
Our Price
We like total transparency and we don’t like unpredictable hourly rates. We want our clients to feel that they have received value for money. Each firm is different and we prefer to reach an agreement on the price of each project, prior to the work commencing.
As a general guide to our normal rates (ex VAT and expenses) for AdIdem are
£
650 for a half day and £1250 for a full day.