Unfortunately, for a services company (in this case a legal firm), there is NOT much you can cut with employees - especially lawyers.
After all, the lawyers charge per hours worked - less lawyers means less hours worked equal less income.
And there is also the "Big" risk that clients will go with the departing lawyers too.
You can cut Admin staff, but there is short term termination payments - in any case, there won't be that much savings in that.
Not sure how much you can save by cutting suppliers - would need to look at whether they are excesses in the business.
Can't cut rent, as most are fixed.
Could possibly cut Advertising and Marketing, but given the possible reputation damage of this, they would probably want to maintain Advertising and Marketing.
Could possibly sell part/s of the business, but it would be at fire sale prices.
IMHO, the "ONLY" avenue left is a CR - its only way to reduce Debts and buy the company time to restructure!!!
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