Reinvent Legal Business Series: Making the Best Financial Decisions in Times of Uncertainty (for Law Firms)

 

On 7 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 make the best financial decisions for their firm in times of uncertainty.

Topics covered included:

  • A review of the data and information law firms need to manage through a crisis
  • The pros and cons of scenario planning  - what it is, how to use scenarios to support management decisions
  • The pros and cons of financial modelling - what it is, how to use it, and what projections really mean
  • Identifying tipping points and red flags (lead indicators) then knowing what action to take and when
  • Identifying, coordinating and managing key strategic issues that impact finances like technology and marketing

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