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News
More than half of leading firms do not have a month’s cash in the bank
updated on 16 June 2020
Leading firms are vulnerable to financial shock following years of enhanced partner distributions and “lean” approaches to cash management, a review of leading firms’ accounts recently revealed.
A review of the top 40 UK law firms by revenue found that 55% have not got enough cash on their balance sheets to cover one month’s operating expenses and 38% would be unable to meet one month’s salary bills.
Litigation funder Augusta Ventures published the study which revealed that these leading firms have refined their balance sheets over the years to improve partner distributions and manage cash balances. “This lean approach to cash management was hailed as markedly improving the operating efficiency of many law firms during periods of market stability,” it notes. “However, it has also left balance sheets arguably undercapitalised to deal with a prolonged financial shock.”
Meanwhile, according to the Law Gazette, the Law Society’s recent research suggests that a significant number of high street firms could close within six months as the coronavirus crisis results in heavy financial pressures.
