An opportunity to rethink the firm
Director, Jon has worked for a huge range of businesses, both public and private, across diverse sectors. Recent appointments include finance director roles for a manufacturing business and for a major regional law firm in Yorkshire.
Jon believes that although the coronavirus crisis and subsequent lockdown changed the commercial landscape overnight, it could actually be a catalyst for some much-needed changes in the legal sector.
In the short term, this is likely to require a fundamental review of the firm’s strategy, both to manage the current crisis, but also in terms of what it means in the longer term.
“I can’t imagine many businesses where the strategy they were working to in March 2020 will still be valid in August 2020. You need to re-do your budget, your cash-flow forecasts, your business plan. Not just from a financial perspective, but also from a growth perspective. Where is growth going to come from in future?”
Law firms can be bottom-heavy, he notes, with many administrative and junior staff supporting relatively few partners. It is a model that was increasingly being questioned anyway. This crisis gives FDs further evidence to support the drive towards a leaner, more efficient approach. He cites the example of secretaries:
“Most partners feel the need to have a secretary.