Citadel Law is a trusted advisor to law firms from top 30 with turnover in excess of £100M to sole practitioners with turnover of £250K. We provide discreet advice to improve operational efficiency and increase profitability.
The starting point for most law firms is a diagnostic review which will include caseload profiling, WIP valuation, technical capability, operational risk and benchmarking report.
We support law firms by targeting the areas where they would feel the benefit the Independent expert review. Where cash is tied up in the longtail work such as serious injury, clinical negligence and occupational disease we help reduce WIP and capital lock-up and ensure that these work types are appropriately resourced to maximise outcomes for injured clients, reduce operational risk and increase cash flow profit.
We are regularly retained on a long-term basis by law firms to provide ongoing support and oversight, workflows, precedent documents, risk assessments and training.
We provide ‘continuing competence’ training and mentoring and often work as ‘part of the team’ with our work on PI cases ‘white labelled’ to increase recoverable WIP and demonstrate immediate value from our services, including speeding up the cash collection cycle.
Visibility and understanding of a law firm’s KPI’s and financial performance is key to sound lending decisions.
We provide due diligence reports on WIP valuation and risk for switching, renewal and increased credit facilities.
Our reports enable the banking sector to fund law firms with a deeper understanding of their business model demonstrating with greater visibility and oversight, its operational risk profile and WIP valuation.
For law firms with cash flow and financing difficulties, our reports provide urgent recommendations to ease WIP valuation concerns with pragmatic suggestions for operational enhancements to abate cash flow crisis and are integral in restructuring and turnaround. In this way we can maximise recoveries and outcomes for the bank.
We provide a commercial reporting structure to enable banks to make more robust lending decisions and where applicable, assist law firms in becoming more profitable. Where there is no viable business moving forward, we advise on how best to achieve the highest return for creditors on a sale or closure and an orderly wind down when a business is in run off.
We are regularly retained to advise banks internally on issues within the personal injury sector that underpin lending criteria and risk management and have recently provided training to a national bank with Deloitte.
Our banking relationships include Nat West, RBS, HSBC, Clydesdale Bank,Yorkshire Bank, Lloyds, Barclays, Handelsbanken.
Accounting, Restructuring and Business Advisory
For law firms at a cross roads in their business journey, we assist by providing clarity over available options. Visibility and understanding of a law firm’s KPI’s and financial performance is key to sound strategic business decisions. Our reports enable the business advisory sector gain a deeper understanding of law firms, demonstrating with greater visibility and oversight, operational risk profile and WIP valuation, typically as follows:
- Inputting robust systems for financial forecasting and cash realisation.
- Commercial due diligence encompassing WIP valuation and operation review for sale, merger and acquisition.
- Pre sale commercial due diligence encompassing WIP valuation and enhancement.
- WIP valuation and asset realisation post sale/M&A – including advising on the quality of due diligence on the original transaction.
- Strategic advisory work for law firms on WIP valuation, profit improvement, technical expertise and operational risk management.
- Where there is no viable business moving forward, we advise on how best to achieve the highest return for creditors on a sale or closure.
- For law firms with cash flow and financing difficulties, our reports provide urgent recommendations and pragmatic suggestions for operational enhancements to abate cash flow crisis and are integral in restructuring and turnaround – In this way we can maximise recoveries and outcomes for investors.
Insurance Brokers and Underwriters
Sound financial and operational risk management in law firms is vital. A poor claims and complaints history can have potentially disastrous consequences for a firm.
We offer a comprehensive range of consultancy services to law firms and the insurance sector aimed at reducing risk and enhancing outcomes for clients and profitability.
We work with you and our mutual clients to procure reduced professional indemnity insurance premiums and improved risk profiling for presentation to insurers.
LQC Analytics and Auditing services provides the only sector unique solution to the challenges personal injury law firms and their insurers face.
Please see the list below for an overview of our services:
- Strategic advisory work for law firms on technical expertise and operational risk management.
- Supporting law firms and their PII insurers to ensure that adequate professional indemnity insurance is obtained for high risk areas such serious injury, clinical negligence and occupational disease.
- Independent audit, governance and oversight advisory work.
We deliver reports that provide a commercial and expedient result, whatever the circumstance.
We are privileged to work with some of the U.K.’s leading law firms, banks and professional advisers. Our banking relationships include Nat West, RBS, HSBC, Clydesdale Bank,Yorkshire Bank, Lloyds, Barclays, Handelsbanken.