Firefighting for Professional Services Firms to Survive the Crisis

Professional Practices Alliance (PPA)

Professional firms are not immune to the global impact of the Coronavirus crisis. Many firms have implemented robust business continuity and remote working arrangements, but the impact on their clients and the global economy will require firms to continue to adapt (or face the most serious implications). This series will address the threats faced by professional firms and explore ways in which firms need to adapt not only to survive the crisis, but also to take steps now to thrive in the post-crisis environment.

This podcast discusses the following key issues:

i. How professional services firms are responding to the COVID-19 crisis, and the effect of prior experience of senior management (or lack of it) in responding to the GFC and Brexit on firms’ individual responses.

ii. How values, ethics and brand reputation are shaping firms’ responses to the crisis; are firms adhering to their values in those responses, or losing sight of them in this crisis?

iii. What is the range of financial steps that firms are taking to protect their firm, what are the current lending criteria for professional services firms needing finance, and how do firms best position themselves to apply for that funding?

iv. What are the key risk management issues that firms are facing and what is the SRA’s current approach to firms struggling with these unprecedented challenges?

v. What are the red flags which suggest that a firm may be heading towards a potential meltdown, and what steps can a firm take to get it back on track?

vi. Can a merger be a positive strategic choice in this crisis and how can firms maximise the prospects of merger success?

vii. How are firms changing partner drawings, distributions and profit share arrangements, and what key constitutional issues do they need to bear in mind when they implement those changes?

viii. What other protections can firms implement to preserve the business – and is now a good time to change your LLP agreement to provide increased constitutional protections and powers to respond to the crisis rapidly?

ix. How firms are handling staff issues, including employee physical and mental well-being.

x. What should firms be doing now to help them prepare to exit the lockdown?

PPA Speakers:
Corinne Staves, Maurice Turnor Gardner LLP - Partnership Law & SRA Regulation specialist
Zulon Begum, CM Murray LLP - Partnership Law & M&A specialist
Claire Watkins, Buzzacott LLP - Partnership Accountant and Adviser
David Shufflebotham, PEPUp.consulting - Partner Remuneration specialist
Robert Millard, Cambridge Strategy Group - Law Firm Management Consultant
Sarah Chilton, CM Murray LLP - Partnership & Employment Law specialist
Session Chair:

Clare Murray, CM Murray LLP - Partnership & Employment Law specialist