Smith & Williamson
Law firms: facing the pandemic head on
Did law firms do enough during the first few precarious months of the pandemic?
They certainly acted quickly in preserving cash, improving their debtor days, negotiating with banks, and cutting partner distributions.
Yet with revenues of £19.5bn, should the sector have been less reliant upon government support and better equipped to prevent an even deeper challenge? The pandemic served law firms with an immense challenge and there are unquestionably learnings that can be drawn from the crisis.
Together with Law.Com International, Smith & Williamson’s analysis of the latest set of filed accounts for the top 50 UK law firms for 2019/20, suggests that despite the pandemic arriving just before their year ends, they still felt the seismic effects.
Read more here.