I am currently working with this practice to implement a turnaround plan in a situation where the fee income has fallen and cash has become increasingly tight as a result of the high level of fixed cost in the business.
The solution is a long term one due to the level of short-term debt the business has taken on, the lack of availability of longer-term funding and the difficulty the practice is experiencing in attempting to grow its fee levels.
I am working closely with the partners, the firm’s bankers and external reporting accountants to navigate through a complex situation. This remains a work in progress.