The COVID-19 outbreak is unprecedented, both for the world economy and for aspects of the legal system. Law-firm pioneers must ready for a wide range of scenarios, the chance of which will rely on the usefulness of both public-health- and economic-policy interventions.
In line with the understandings from earlier downturns, Exhibit highlights an early view on possible demand implications across both chosen practice areas and sectors over the rest of 2020. Though some practice areas, such as labor and employment, will probably witness consistent demand shifts across industries, transactional practices, especially, are likely to be concentrated on very varying situations in more distraught sectors such as travel, transportation, and leisure than in areas such as healthcare. It’s time legal firms in London should develop a viewpoint on the demand position for the sectors, client types, and practices to which they have maximum exposure.
Transactional practice areas are poised to witness varied demand shifts in distraught sectors
Priorities for legal firms in London
Based on the lessons learned from past downturns, existing demand outlook, and the experience in a professional-service firm, here are six themes for law-firm leadership to take into account. These through-cycle priorities are poised to sustain value in the near term and build value over the long term.
Think about clients, clients, and clients
This is the time to be right there, really, for your clients. Their business context has moved considerably, presenting unparalleled challenges. Law-firm partners should actively engage with and actually listen to clients and their needs. Even a two-line personalized email can send the right message. As client agendas and priorities shift, be ready to turn your client-service agenda to match them—for instance, by bringing in new partners or expertise in a relevant area. Invest considerably in pertinent knowledge, crisis advisory, and other services that expand trust.
Run at pace
Clients are searching for sound information, core data, and unbiased advice. They are loaded with information. What will be your law firm’s importance agenda on the topics for which you have idiosyncratic capabilities (such as implications of Federal Reserve Board and Department of Treasury facilities and tech acceleration)? What ground-breaking channels, beyond the standard articles or emails, can you use to get your perspective to clients? If it is taking a bit longer than a week from concept to publication or a client discussion, that is too long in this tough time.
Embrace your folks
Your people are your law firm. Admit and deal with the caring and personal elements of the COVID-19 crisis with understanding. Support employee suppleness, collaboration, and connectivity through technology and repeated communications from the top of the legal firms in London. Search for opportunities to reallocate any overload capacity rapidly toward promoting new firm capabilities or pro bono activities—every firm member should face clearly how their work is significant through this period.
Be vigilant on cost
It is simple in these times to let pricing regulation slip. A research reveals that in past downturns, law firms sustained to increase their standard rates but then partly offset those actions through an uptick in client, matter, and one-time discounts; strategic investments; and work-in-progress and accounts-receivable write-offs. If performed in a planned and controlled fashion, those actions can be effectual ways to meet clients’ needs while reinforce a law firm’s value proposition and placing the firm well for when the economy recover.
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