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Financial trouble comes in different guises, at different times, and at different speeds. It could be an instant downturn in income – loss of a major law firm client, for example, or loss of a major earner or team of earners in chambers. The former could be a one-off moment, while the latter could develop and accelerate. Or, it could be a slower squeezing of a practice area as the worsening economy ‘out there’ begins to bite. It could be an even slower process by which the fabric of chambers deteriorates, where over time the talent in a set loses all passion, team-like behaviours – and loyalty.
In all of these examples, there are steps a set can and should take now to reduce the likelihood of them happening or to lessen the impact if they do happen.
I cannot guarantee success here. What I am able to do, though, is tell you how to guarantee failure.
Set out below are the sure-fire things you can do to hasten and worsen financial meltdown. We can then work backwards from there and make sure we are doing none of these.
Those, then, are the ‘golden rules’ that’ll ultimately ensure failure of a set. Hopefully they all make sense and readers will readily agree that none of them are a good idea for an ambitious set hoping to give its people a sustainable future.
Using these as a starting point, let’s now turn the tables and look at what needs to happen to ensure success for chambers, rather than failure. These fall into short-term priorities and longer-term priorities. Key things that jump out:
There are chambers who are good at some of these things all of the time, and chambers who are good at all of these things some of the time.
Which one are you – and what risks are you therefore running?
Financial trouble comes in different guises, at different times, and at different speeds. It could be an instant downturn in income – loss of a major law firm client, for example, or loss of a major earner or team of earners in chambers. The former could be a one-off moment, while the latter could develop and accelerate. Or, it could be a slower squeezing of a practice area as the worsening economy ‘out there’ begins to bite. It could be an even slower process by which the fabric of chambers deteriorates, where over time the talent in a set loses all passion, team-like behaviours – and loyalty.
In all of these examples, there are steps a set can and should take now to reduce the likelihood of them happening or to lessen the impact if they do happen.
I cannot guarantee success here. What I am able to do, though, is tell you how to guarantee failure.
Set out below are the sure-fire things you can do to hasten and worsen financial meltdown. We can then work backwards from there and make sure we are doing none of these.
Those, then, are the ‘golden rules’ that’ll ultimately ensure failure of a set. Hopefully they all make sense and readers will readily agree that none of them are a good idea for an ambitious set hoping to give its people a sustainable future.
Using these as a starting point, let’s now turn the tables and look at what needs to happen to ensure success for chambers, rather than failure. These fall into short-term priorities and longer-term priorities. Key things that jump out:
There are chambers who are good at some of these things all of the time, and chambers who are good at all of these things some of the time.
Which one are you – and what risks are you therefore running?
Sam Townend KC explains the Bar Council’s efforts towards ensuring a bright future for the profession
Giovanni D’Avola explores the issue of over-citation of unreported cases and the ‘added value’ elements of a law report
Louise Crush explores the key points and opportunities for tax efficiency
Westgate Wealth Management Ltd is a Partner Practice of FTSE 100 company St. James’s Place – one of the top UK Wealth Management firms. We offer a holistic service of distinct quality, integrity, and excellence with the aim to build a professional and valuable relationship with our clients, helping to provide them with security now, prosperity in the future and the highest standard of service in all of our dealings.
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