David Bott, Senior Partner of law firm Bott and Co will today address the Association of Personal Injury Lawyers (APIL) conference when he delivers a joint speech on funding, alongside James Hunt from the Allied Irish Bank.
The conference, which is taking place at the Marble Arch Hotel in Central London, will hear the former APIL President talk about how law firms can work and operate with practical advice on operating costs and funding.
As a result of the recession and the reforms to the legal industry, many law firms across England and Wales have had to change the way their organisation operates. Firms, including Bott and Co have changed to an Alternative Business Structure (ABS) status in order to have a professional manager and finance partner within the management structure.
Mr Bott will tell the conference: “Don’t be great lawyers who dabble in business, be business people who are also great at law.
Mr Bott will tell the conference: “Don’t be great lawyers who dabble in business, be business people who are also great at law.”
He will emphasise the need for partners at law firms to act like business people in order to work with banks on funding and accountancy, as well as why there have been high profile failures within some law firms which has led to firms either going into administration or being bought out.
David Bott will say: “firms have had to deal with the effects of a deep recession, such as the lack of credit, falling conveyancing income, falling corporate transactions, falling PI income and the high rents and salaries that existed prior to the recession. To do all of this as a backdrop, it is clear why law firms have started to collapse.”
Mr Bott will give the conference an internal view on funding and budget planning from the prospect of a senior law firm partner, where he will offer tips on what firms should take away from the speech and put into practice.
Following the speeches, Mr Bott and Mr Hunt will both take questions from the floor.