How will law firms survive the COVID-19 pandemic? I am sharing below an insightful study by global management consulting firm McKinsey & Company that addresses this very issue. It is worth a read.
Some highlights of the article:
- Effective firms will focus on accelerating current through-put, while still laying the groundwork for longer-term success.
- Note that law firms tend to weather downturns in the economy better than other sectors.
- Transactional practices tend to contract during a downturn, while litigation practices stay steady.
- At the same time other factors – such as resulting issues in employment for clients – can help maintain business for transactional practices.
- Spend this opportunity to place a laser focus on servicing your current clients. This will help sharpen your service skills, which you can use to succeed when business gets back to normal.
- Value your employees. Find ways to keep your staff engaged with current business, new service lines or pro-bono work. If you need to lay off employees, maintain positive communication in preparation for staffing back up when able.
- Think strategically. Explore ways to broaden your services and improve your marketing and other key programs for the long term.