When any business faces financial difficulties, they will often seek support from a professional who will assist them in various ways. It is important that this professional has experience of business recovery circumstances. At Playfair, we are an award winning and accredited business turnaround firm who can assist law firms in this situation. If your firm is facing financial difficulties, our experienced advisors have tried and tested options to utilise that will assist you in getting your firm back up and running.
Our Business Recovery service includes the following.
For law firms facing financial struggles, the underlying issue is often related to the firm’s profitability. Unfortunately, improving profitability is something that takes time. There can be various reasons why a firm faces profitability issues, from overspending to a sudden decrease in clientele due to unforeseen economic issues.
To resolve such issues, Playfair will conduct a detailed review of your firm’s profitability, not only during times of crisis but for months and even years prior, to gain complete insight into the firm’s operations. With this, potential areas for improvement will be identified along with any areas that may need restructuring or removal.
Although this process may seem overwhelming, it is often essential to the business’s survival.
Many law firms will receive funding from banks, partners and other investors. When a firm is facing difficulty, Playfair will conduct an in-depth review of this funding, liaising directly with the relevant parties to identify areas with significant issues and subsequently suggest suitable solutions.
As with the profitability review, this can be concerning, but identifying the areas with issues is the best way to ensure that the firm fully rebounds.
Furthermore, for law firms, the issues may not be resolved simply by investing more capital into the business. Similarly, a solution that may work for another business may not be appropriate for a law firm due to Solicitors Regulation Authority (SRA) regulations. Therefore, an initial review of all funding is essential.
Throughout the entire process, from identifying an issue with the law firm’s finances to reviewing profitability, funding and other vital areas, Playfair, in association with The Strategic Partner, will support your firm. Playfair will answer questions and provide critical strategic points to ensure continued operations.
With this, all relevant people will also be kept updated with developments in reviews, audits and negotiations, ensuring that they are prepared for the next steps throughout the business recovery process.
At Playfair, in association with The Strategic Partner, we can assist law firms of all sizes should they face financial difficulties. This entails a review of profitability and funding and ongoing firm-wide support throughout the process to ensure complete transparency.
To speak to us about your firm today, please call 0203 911 9710