Jurisdiction(s):
United Kingdom

Key definition

Performance definition

What does Performance mean? In copyright practice, performance means the live rendition of a literary, dramatic or musical work to an audience; doing so “in public” is a restricted act that normally requires the copyright owner’s permission/licence. This is set out in section 19 of the Copyright, Designs and Patents Act 1988 (UK) and the Copyright and Related Rights Act 2000 (Ireland). Whether an act is “in public” is determined by context and case law; private or domestic use is excluded. For films and sound recordings, the analogous restricted act is showing or playing in public; online streaming is generally treated as communication or...

Understanding UK Law Firm Accounts: Financial Statements, Filing Requirements, Interpretation, Key Ratios and Management Accounts

Published by a LexisNexis Practice Management expert

Practice notes

This Practice Note explains how to interpret and make sense of a law firm’s financial accounts...

Why are financial accounts important?

Firms must monitor and assess their accounts to gauge performance and determine what actions are needed to improve results...

What is available in a set of year-end accounts will depend upon the:

legal structure or constitution of the firm
rules that dictate the form and content of the accounts

In addition to year-end accounts, you may choose to produce monthly or quarterly management accounts, which should be reviewed regularly. For further information on management accounts, see Practice Note: The importance of good management information...

What financial statements make up a set of financial accounts?

Every firm needs to prepare annual financial statements that together comprise the firm’s financial accounts. There are six statements potentially required:

profit and loss account
balance sheet
cash flow statement
notes to the accounts
report to members
audit report

What governs the form and content of financial statements?

The accounts of law firms and sole practitioners can differ, as the legal constitution of the firm may...

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Jon Whittle

Jon Whittle Consulting Ltd

Jon is a specialist in developing legal businesses using market intelligence and customer insight to implement successful programmes for change. He works with law firms to create sustainable growth alongside successful project management, implementing new technologies and evolving business operations. Jon has been working on the future of law firms for more than fifteen years, focusing on the strategies and tactics that help firms build real and defendable competitive advantage. Whilst working in a senior leadership role at LexisNexis he was also the architect and author of the widely read LexisNexis Bellwether Reports and is a recognised authority on how law firms can build and grow. Previously, Jon worked, for two decades, at board level, in some of the UK’s largest media companies, transforming traditional businesses into growth in the digital age. He now applies the fruits of this experience,...

Web page updated on 22/05/2026

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