Episode 18 - Assessing Your Financial Situation Right Now (for Law Firms)
In the fifth podcast in this collection focusing on providing practical support and assistance for those working in the legal ecosystem during this time of extreme change, we discussed the financial management of legal businesses with Warrick McLean, CEO, Coleman Greig Lawyers in Assessing your Financial Situation Right Now (for Law Firms).
We discussed what law firm leaders and managers need to be identifying, analysing and thinking about as they take stock of where their legal businesses sit financially including:
- Why it’s important to undertake a mini audit
- 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 that need to be monitored, leveraged or minimised today like cash flow, overdrafts, deferred payment options, and payment extensions
- COVID-19 specific key areas to consider like access government backed loans, rebates and support
Thank you, Warrick for these super practical tips – so important and helpful right now!P.S. This podcast was also recorded as a webinar. We will post the link to the video on our CLI Collaborate free resource hub once it is available.