Jurisdiction(s):
United Kingdom

Key definition

Long-term definition

What does Long-term mean? Long-term describes obligations, assets or investments extending beyond the short‑term horizon; the precise threshold depends on context and governing standards used in legal practice and finance. In the Eurobond market, it commonly refers to securities with an initial maturity of more than seven years. Under accounting standards (IFRS and UK/Irish GAAP), amounts due or receivable after more than twelve months are presented as non‑current; accordingly, long‑term debt denotes borrowings with a remaining maturity of over one year. This classification affects balance sheet presentation, disclosure and covenant calculations. In loan, security and capital markets documentation across England & Wales, Scotland, Northern...

Implementing firm‑wide change in a law firm: an eight‑step, practical example (rolling out standardised email signatures to win new business)

Published by a LexisNexis Practice Management expert

Precedents

Stage Questions Case study

Create a sense of urgency

How will staff recognise there’s a need to change? How will its significance be made clear? How will both near-term and longer-term gains be demonstrated?

Set out:

how much prospective new work is currently slipping away
the effect that is having now and is expected to have going forward
how greater volumes will make life better for secretaries and fee earners
the potential outcomes if no changes are pursued

Form a powerful guiding coalition

Who will take charge? Who will make an open pledge to see it through? Who will guarantee the necessary resources? Who will sit in the core team steering the change? Who will ensure they collaborate effectively as one team? Will the coalition operate well across every area of the firm?

JB, a partner, will head the project...

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Beth Pipe , FCIPD

OnLive Learning

Beth is a Fellow of the Chartered Institute of Personnel and Development (FCIPD) and has spent over 25 years specialising in Learning and Development. During that time she has worked across a broad variety of different industries and has, for the past 15 years, worked closely with a number of well known law firms; this has involved putting in to place systems and structures to encourage, enable and track the effectiveness of learning activities. Adept at face to face course delivery, and always enjoying excellent feedback, Beth is also accomplished at online delivery and created OnLive Learning in response to the challenges presented by the 2020 Covid-19 restrictions.Beth has written extensively for LexisNexis on subjects such as Performance Management, Managing Change and Stress Management. Away from her training delivery she is a published author writing about local history, hiking, wildlife and the outdoors and is...

Web page updated on 22/05/2026

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