COVID19 – Lessons law firms can learn from rivals’ collapses amid coronavirus

the-law-group-blog-header

City AM has asked legal experts for lessons which they can draw from previous law firm failures. Rita Lowe, co-head of finance at CMS, comments: “Whilst there are myriad factors [in law firm failures], generally it is a combination of fixed overheads… and being unable to adjust those sufficiently quickly and cost effectively.” Pinsent Masons restructuring partner Steven Cottee says: “We don’t tend as a profession to have large cash balances and we have a high level of fixed costs which makes law firms particularly vulnerable to a fall in turnover.” John Lord, a litigation partner at Knights, added: “It’s all about generating accessible cash which you can immediately apply within your business.”

Quick Contact

Let our team call you back

Kindly complete the form below to send an enquiry. Your message will be sent to one of our solicitors. Discretion is guaranteed.


PERSONAL INFORMATION

MORE INFORMATION
IS THERE ANYTHING ELSE YOU WOULD LIKE TO TELL US?

What is the name of the other party? (If relevant)
Which country do you live in?
What is the background to your problem?