Reinvent Legal Business Series: Assessing your Financial Situation Right Now (for Law Firms)

 

On 6 April 2020, Warrick McLean, CEO at Coleman Greig Lawyers, answered questions posed by CLI Executive Director, Terri Mottershead about what information law firms need and what they need to do with it to assess the financial health of their firms.

Topics covered included:

  • Why it’s important to undertake a mini audit right now
  • What financial information needs to be reviewed  and how to review it
  • How to identify, minimise/review key expenses e.g. premises (leases), people and fixed costs
  • How to identify, assess, categorise and deal with current, future and unlikely sources of income
  • Key areas law firms need to monitor, leverage or minimise like cash flow, overdrafts, deferred payment options and payment extensions (e.g. for taxes) and access government backed loans, rebates and support.

If you would like to listen to the podcast for this topic, you’ll find it here.