Many local lawyers, accountants and insurance agents are scrambling to adapt their day-to-day operations so they can stay in business during the COVID-19 pandemic.
They are also working, in some cases to the detriment of their own bottom lines, to keep their clients from going out of business.
Lynn attorney James D. Moore of the Exchange Street firm of Bradley Moore Primason Cuffe and Weber, LLP, said staff members are working remotely to serve the pressing needs of his clients.
“Other than better parking and an easier commute, things really aren’t different.” he said. “New commerce has slowed, but my clients with existing developments still need legal services in order to stay in business.”
With public hearings suspended, Moore cannot appear before municipal boards and commissions for clients seeking permits, so his new business component is most at risk.
“We also can’t file in clerks’ offices or courts anymore, so that drags the process out, but many of the things I do have had deadlines extended,” Moore said. “The lack of new transactions will eventually slow us down, probably in 30-60 days, it will catch up.”
Anthony Consoles, of Peabody-based Consoles Insurance Agency, said he is coming off his best week since the onset of the pandemic.
“We are fully operational and are busy with things like mortgages, and we’ve had tons of calls for binders, so it’s been a huge rush in the last few weeks,” said Consoles. “We could work in our building as an essential business, but we opted for the safety of our employees to work remotely. It took just 24 hours to pack up the computers and be up and running.”
The company now uses a runner to process paperwork at motor vehicle registries, most of which require appointments. Consoles said most deadlines, including drivers’ license and plate renewals, have been extended 60 days and that his auto insurance carriers have cut rates an average of 20 percent.
While the commercial side of his business represents the bulk of his business, Consoles said it’s being hit the hardest. Despite the adverse impact on his own commissions, Consoles is working with commercial clients to lower their premiums.
“I called my top-20 customers to work out plans to reduce payroll so their workers comp and liability premiums would be reduced and help keep them in business,” said Consoles. “Yes, it cuts my commission, but it’s necessary.”
With spring weddings and proms likely on hold through June, limousine businesses have been hit hard.
“Cars aren’t on the road, so we cut coverage down to state minimums for fire and theft only, not collision,” said Consoles. “It’s another example of the triage work we’re doing with our commercial customers to keep them, and us, in business.”
Lynnfield resident Phil Crawford, of the Boston-based bond firm A.A. Dority Company, said, while 95 percent of his business can be conducted remotely, he expects a downturn in business.
“We are still writing probate court and construction bonds and bonds for license renewal remotely, and courts are using Zoom for emergency hearings for things that can’t wait, like conservatorships,” said Crawford. “We’re only doing a quarter of our normal business so it’s definitely going to have a major financial impact,” adding he expects Dority’s Payroll Protection Program loan will be funded this week.
Paul D. Price, CPA, of Peabody-based Neal A. Price & Company, said business has been hectic due to the fact that he has been bombarded with questions about the program.
“It’s been an interesting dynamic as normally we would be doing tax work seven days a week, but now we aren’t even working weekends. The last three weeks we’ve fielded at 30-40 questions about Payroll Protection, questions about how to apply and on the reporting requirements,” said Price. “We couldn’t have handled that call volume if the April 15 income tax deadline had not been extended.
“Last weekend, we had more than 10 clients get approved. We’re not doing as many tax returns, but are busy helping clients with their SBA loans.”
Price said his firm has also applied for a Payroll Protection loan.
Price’s Newbury Street office is closed to the public, however, employees are working on site. Their temperatures are scanned with an infrared thermometer before they are allowed to enter the building.
“All employees have separate offices so we are able to practice social distancing,” said Price.