Walker Clark
Worldview Archives
When Cash Flow Dries Up
The Colorado River in the southwestern United States and northern Mexico no longer flows into the Sea of Cortez. Instead, due to diversion for irrigation upstream, it evaporates in the desert about nine kilometers away.
Many law firms are experiencing an analogous situation with cash flow during the COVID-19 crisis.
Here are three tips to keep at least some money in your firm's revenue pipeline during these difficult times.
Six Months from Failure?
An article posted today in the Law Society Gazette suggests that as many as 5,000 small English law firms and solo practices could be forced out of business within the next six months. Most of these firms are retail firms, or "high street" firms, that primarily serve individual clients and small businesses in relatively small matters, such as real estate conveyancing.
The problem is cash flow.
Recession-Proof Your Law Firm: Pay attention to the business.
This is the second of a series of four posts that outline issues that law firms should consider today in order to be prepared for future recessions... or worse.
Cash is the life blood of a law firm at any time, and it is critical to survival in a troubled economy.
New Blood for Zombie Law Firms
There is an old saying among law firm managers: "Even the best-managed law firm is only 90 days from bankruptcy."
This is because most law firms traditionally have been woefully under-capitalized. To some extent, some of these firms are already financial zombies. They survive due to good luck, deft financial management, and the persistence of partners — none of which can sustain them indefinitely.
