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Shownotes can be found at https://www.profitwithlaw.com/071.
As the fear of COVID-19 grips the world, law firm owners are left wondering how to navigate it all. In this special current events edition of the Profit with Law podcast, Moshe Amsel goes deep into law firm survival during these trying times.
- Should or can you close your office?
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- If not, what kind of precautions can you take?
- If yes, are you set up to operate remotely? What do you need for a successful remote or virtual office?
- Will you continue to have clients, will your business/revenue be affected? Are you affected by court closings? Are your typical clients susceptible to the economic environment and downturn/recession?
- If you expect a decrease in clients and/or revenue, you need to take quick and decisive action by cutting costs. This includes delaying payments in the short term and permanently reducing costs that aren’t sustainable for long - this includes rent, payroll and subscriptions.
- If you want to keep costs and you will have a cash crunch you need to analyze your runway and decide whether it is worth spending the cash to keep everything afloat.
- Look at alternate sources for cash - SBA Disaster Loans, Credit cards with low or zero interest offers, family, retirement account 60 day rollover.
- If you will be less busy, it is a perfect time to beef up your marketing, organize your systems and learn and implement new technologies.
Resources mentioned:
SBA Disaster Loan - https://disasterloan.sba.gov/ela/
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