Law firms, like all professional services, are experiencing massive challenges due to Covid 19. There are also opportunities – but firms need to be in shape and prepared to jump when the time is right.
There are, obviously, common concerns and questions from law firms as they look at the long term implications of the pandemic, coupled with an existing, challenging landscape ‘pre-Covid’.
Our event with Viv Williams, Symphony Legal, guided by Oliver Pughe, Penguin Wealth, on Friday 6th June 2020, addressed the urgent and common concerns for legal services decision makers as a result of the Covid-19 pandemic, including:
- What are the urgent steps to take right now?
- Are there any positives that have come out of the current crisis?
- What are the most important things a law firm needs right now?
- Is there still interest in the acquisition of law firms and how could this work practically?
- What can a law firm do to preserve cash in the short term?
What was covered
- Finance, funding, grants and cashflow
- Profesional Indemnity Insurance
- Business Interruption Insurance
- New management styles and modern working (remote working)
- Approaches to acquisition / sale of a legal practice
- Business culture
- Update on legal practice areas
- What the speakers have learned and heard from their law firm clients during lockdown
The event was hosted by Oliver Pughe, Penguin Wealth, who pitched a series of questions to Viv Williams, an experienced consultant to law firms on the topics of strategy, management, practice, development and marketing.
Viv and Oliver lead a structured yet lively and informal discussion, exploring the series of key themes, above. (Full speaker profiles below.)
Those leading and developing legal services in Wales and beyond.
Catch up: event recording
(Please note, this event was recorded live)
Offer of help
Viv Williams has offered a free initial consultation to the legal sector, to give some insight on what law firms can do now to overcome some of the challenges they face, as well as initially advise on approaches to other firms regarding potential acquisition / sale or merger. He can be contacted by emailing Viv.Williams@SymphonyLegal.com.
Oliver Pughe can be contacted here: firstname.lastname@example.org
Viv Williams, Consulting Director, Symphony Legal
Viv is a consultant to law firms on the topics of strategy, management, practice, development and marketing.
Viv’s experience as a Managing Director of two floated plc companies adds a new dimension to law firms. He has the experience necessary to provide an invaluable practical management insight that applies to all professional firms. He is a specialist in strategy, merger and acquisition and ‘lean management’ theory helping law firms to evolve. Viv is involved with several businesses serving the legal profession; Chairman of AWH Legal; Director of Ampersand which provides merger and acquisition solutions for the legal profession. Consulting Director of Symphony Legal and a member of Anza Solutions providing offshoring legal services in Bangalore. Viv has written two books on law firm management and is regularly interviewed by the Law Society Gazette on a host of topics.
Oliver Pughe, Financial Planner, Penguin Wealth
Oliver specialises in personal financial advice to legal professionals, at Penguin Wealth.
Olly has 20 years’ experience within the industry and considers working as a Financial Planner a privilege. He particularly enjoys working with Legal Professionals, helping them identify their personal ‘Number’ and taking them on a Financial Journey to their personal Financial Freedom Date (retirement) and beyond. This is evidenced by Olly co-authoring a book (featured on Amazon): ‘The Wealth Secret: Create, Build and Protect your future the Penguin way’ and also ‘The Business Secret’. Olly became a partner at Penguin Wealth in 2011.