Hilary Meredith | CEO | Hilary Meredith Solicitors
Zoe Holland and her team at Zebra Legal Consulting are enjoying unparalleled success in their business accruement and due diligence of law firms.
Having just been audited by Zebra it has been the most thorough audit ever conducted on my firm. This audit undertakes risk profiling and valuation of WIP as well assessing viability, technical competency and operational risk. The audit also benchmarks where the firm is placed against other due diligence audits carried out by Zebra. Unlike LEXCEL which adopts a procedural based compliance, Zebra’s review assesses the true value of work in progress, quality and profitability of work, viability of files, staff skill sets, and case duration to name but a few.
The industry recognises that the lifeblood of the law firm of the future is in its quality, expertise, low operational risk, financial management and healthy asset base (profitable work and highly valuable WIP). These are the areas that banks and professional indemnity insurers are looking at more closely.
It was our decision to change our banking facilities from the Coop, who we have enjoyed a long and good relationship with. We recognised for the Firm to grow and develop and take advantage of various opportunities change was necessary. From four potential contenders it became clear that the Yorkshire bank was the forerunner and it was the Yorkshire who initiated the full audit.
The team of 6 went through everything in the office warts and all over a 2-day period. The audit team included Zoe and other senior injury practitioners; including specialists with national reputations, and ratings in Legal 500 and Chambers. The fact that Zoe’s team is discreet, and confidential was of significant importance to my management team.
To be audited by your peer group is daunting. The independent review has been invaluable. We knew we would pass but what we did not expect was to receive the first ever “A” rating for a law firm. This has given my teams and me the confidence that we are doing it right. We also took on board recommendations made within the report, as continual business improvement is key to our future strategy. Further, the Yorkshire bank can be satisfied that they know my business as a new client inside out from day one.