By Managing Partner Forum and HBR Consulting
An MPF Webinar Originally Broadcast on April 15, 2020
Since many firms are looking at ways to reduce expenses, we invited Kevin McClean and Lee Garbowitz from HBR Consulting to discuss “Managing Expenses During an Economic Downturn.”
In addition, here’s what we learned in this week’s brief online survey in which 75 law firms, mostly mid-size, participated:
- 57% of law firms project total firm revenue in 2020 to decline between 11-25% due to the coronaviris outbreak. 11% anticipate a hit of more than 25%.
- Postponing major investments, eliminating discretionary spending (mostly travel, client events and the like),and reducing partner draws are the top three ways firms are reducing short-term expenses.
- As of Wednesday, 99% of firms reported that they had applied for a PPP loan. Nearly half said they had been approved, and 12% reported that they had already received the funds.
Click here to hear the Webinar.
Click here for Handout Materials.