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Boutiques should consider common credit facilities, stimulus initiatives and tax exemptions to help ease working capital and boost the firm’s sustainability, writes Anthony Hersch.
SME law firms continue to be affected by reduced turnover and corresponding capital constraints as COVID-19 universally affects business. This industry disruption correlates with the recent Australian Bureau of Statistics survey on Business Impacts of COVID-19, which identified that 72 per cent of Australian businesses incurred a decrease in revenue resulting from the pandemic.
Here is an overview of common credit facilities that may be considered to ease working capital and contribute to the firm’s sustainability:
In addition, law firms should be aware of the government-backed stimulus initiatives and tax exemptions, to include:
Jerome Doraisamy is the managing editor of Lawyers Weekly and HR Leader. He is also the author of The Wellness Doctrines book series, an admitted solicitor in New South Wales, and a board director of the Minds Count Foundation.
You can email Jerome at: