“Covid has forced us to deal with problems we’ve been ignoring for years.”
This is something we’ve heard many partners say over the last few months. The pandemic and the ensuing economic crisis have cast a harsh light on firms’ financial resilience, preparedness and individual partner performance. Partners who previously had asserted that their 180-day old WIP was not only 100% recoverable, but also would be billed next month, were forced to confront reality. The negative cash flow impact became immediately clear, as did the impact on profits. Those with a healthy pipeline of new clients focused on bringing the work in and turning it round as efficiently and as profitably as possible. Others eked out chargeable hours, unsure where the next piece of work would come from.
Many leaders have used these past eight months to make tough but necessary decisions and, as a result, we’re seeing firms emerge leaner – and possibly meaner.
We are delighted to invite you to the Professional Practices Alliance (PPA) Panel Discussion “Covid has Forced us to Deal with Problems we’ve been Ignoring for Years”. Please see below for full details. Register to attend here.
In our previous webinar, on 11th November 2020, the panel explored how the business model would transform, if “the billable hour” ceased to be a measure of productivity and value. In this session, we will explore:
- The sorts of tough decisions firms have made over the last 8 months
- How they’ve gone about it
- How changes are being received
- The positive impact of change
The issues we will focus on are financial, performance-related and cultural.
Date: Wednesday, 2 December 2020
Time: 9.30 am – 10.30 am GMT
Mary Daly – Head of Professional Practices at Allied Irish Bank
Andrew Hosking – Managing Director at Quantuma
Corinne Staves – Partner and Head of Professional Practices at Maurice Turnor Gardner LLP
David Shufflebotham – Partner Remuneration specialist at PEP Up Consulting
Sarah Chilton – Partner and Employment and Partnership specialist at CM Murray LLP
Chair: Claire Watkins – Head of Professional Practices at Buzzacott LLP
This Zoominar will be an informal discussion, so there will be an opportunity to comment and pose questions throughout the discussion, but please let us know in advance if there are any specific points that you would like us to address by emailing Daniella Brann.