Even firms which have always been conservatively managed, have healthy cash reserves and have not borrowed from the banks will face major cash outflows over the next year.
Others which have not been as fortunate will find their very existence threatened by the impact of COVID-19 and the resultant lockdown.
I have managed through several recessions in the last 30 years but this is by far the most sudden, deep and threatening.
During the last recession in 2009 I was asked to write a book on Cash Flow Management In Law Firms. Five years later when times were better, I wrote the 2nd edition. Now six years on we are back in recession, so maybe I should do a third?
But times move on and technology with it. I have recently done webcams and a podcast but they can only scratch the surface. Instead of writing a book this time round I have drafted a series of blogs which I shall post on here over the coming weeks, which I hope will help readers avoid the worst impacts of the crisis.
