Weeks After Hurricane Irma, Florida Law Firms Facing Cash Crunch
Law firms suffering a cash crunch from Hurricane Irma have reached out to financial professionals for options.
September 26, 2017 at 07:18 PM
3 minute read
Hurricane Irma's impact is still being felt by small and midsize law firms in Florida, as those that lost significant revenue are now being forced to reach out to financial professionals for help in bridging a cash crunch.
Apollo Bank CEO Eddy Arriola—whose bank serves solo practitioner firms as well as firms with as many as 15 lawyers—said law firms are reporting that they have fallen behind in billing and expect delayed collections in coming months because of the storm, which made landfall in Florida on Sept. 10 as a Category 3 hurricane.
“My experience working with a lot of small-to-midsize law firms is they may be great law firms, but their financial controls are weak or near nonexistent,” Arriola said. “You have great lawyers who are great at lawyering and servicing clients, but not necessarily at managing a business, especially the finance accounting aspect of it.”
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