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Professional Indemnity Renewal

Every year a majority of solicitors firms renew their Professional Indemnity Insurance on October 1. Despite regular exhortations from the market many firms leave it late but brokers still manage to come up with cover at the last minute.

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Steps in Sync

The current crisis is having a very different effect across the sector.

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Evasive Action

One of the key benefits of preparing considered cash flow forecasts is that we are able to identify potential problems in advance-hopefully well in advance-certainly early enough to take some form of evasive action.

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Forecasting cash outflows

Cash flow forecasts fall into two parts-inflows and outflows. Except in situations where the fee earners are remunerated on an Eat What You Kill basis, the inflows and outflows are subject to separate influences, so they can be forecasted independently.

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Forecasting inflows (short-term)

Forecasting (and then delivering) cash flows is crucial to any business. Otherwise they die. I have outlined how to approach the much easier task of forecasting outflows-but how can we make credible forecasts about inflows in such an uncertain time?

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Bigger is not always Better

One of our clients applied for a CBILS loan from their main UK clearing bank but were turned down. Their needs were more than those of a Bounceback loan so that was not an Option.

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