The challenges presented by the global pandemic have forced law firms everywhere to take a long hard look at the health of their cash flow, with particular attention on liquidity at this time.
From restrictions on partner drawings, delaying supplier payments, furloughing staff, or introducing four-day working weeks, firms are varied in their approach. The differentiating factor in choosing which of these methods is needed, comes down to how cash rich firms are.
From our conversations with law firm clients, we have put together some practical guidance, in a series of articles, on how to shorten the work-to-cash cycle, including methods to encourage clients to settle bills in a timely manner, and how best to build a commercial culture.
