“In many cases, people experiencing financial stress may turn to unhealthy coping mechanisms such as excessive food consumption, smoking, alcohol and in extreme cases recreational drugs. This can in turn create even more money-related stress and negative effects on the body and mind,” said Ms Youssef, speaking ahead of her appearance at the 2021 Boutique Law Summit.

“This can ultimately affect how you run your business, the decisions you make and how you function overall. It is important to be self-aware and mindful as and when challenges in these areas start to creep up.”

It is clear from research, Ms Youssef continued, that the age of coronavirus has led to diverse mental health problems for working professionals, including anxiety and depression among other trauma and stress-related disorders due to social isolation, loss of employment, financial loss, unemployment and working from home.

The added stress and impact of the pandemic, she added, are likely to last much longer than the physical health impact.

“Right now, we are living in uncertain times and many people have fear towards uncertainty and the unknown. This fear can be prolonged and can affect them and their ability to return to their roles and their business activity, particularly if their business and overall industry was affected by the economic downturn of the pandemic,” she espoused.

“This is even more reason to address challenges rather than ignore them in the hope that socially and economically things will return to normal – if anything, I think we all realise that globally and locally, we are living in very different times to life only a year ago.”

For sole practitioners and boutique law firm owners, it will be critical to remain agile, adaptable and identify new and better ways of doing business so as to add value and ensure the firm remains front of mind for clients.

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“Be realistic about your cash flow and take control of your businesses’ financial situation whether it is through reducing expenses or staying on top of your accounts receivable,” Ms Youssef advised.

“Individually, you can start by setting yourself smart goals and create a routine that not only allows for you to be resilient in business but one that allows time for yourself to undertake activities that will help you manage stress and maintain optimum wellbeing.”

When it comes to bolstering both physical and financial wellness, Ms Youssef suggested numerous steps.

“Mentally make a note of the things that are worrying you as this helps to create a basis to discuss with a professional if this is required. Second, exercise – along with a healthy balanced diet – will help cope better with the challenges. Third, don’t figure it out alone. Share your feelings with supportive family, friends and colleagues who will help you remain positive. A support network can make all the difference,” she listed.

“Create a Budget and get a grip on your expenses – work out how much money you need to cover your costs. You may need to reduce your spending whilst putting aside some money for bills and creating an emergency fund to help ease the stress. Also contact your bank – most financial institutions have avenues and solutions to assist customers experiencing financial problems.

“Finally, seek professional help – whether a mental health professional, social worker or medical professional, there are a range of services that can assist, don’t try and do it alone.”

Are you looking to launch your own practice but not sure where to start? Lawyers Weekly’s Boutique Law Summit returns to Sydney this month, designed for individuals who are looking to maximise their competitive edge in a post-pandemic marketplace. The event will be held on Friday, 26 March at the Four Seasons Hotel with a full agenda available to view here. To learn more about the event, click here.