Covid-19 has impacted virtually all law firms. A few firms have benefitted, some have suffered catastrophe, while the bulk of firms fall somewhere in the middle and forge ahead as best they can.
Whether leadership for this third group is plugging a leaky dike or simply boosting morale, the focus on short-term survival is a common concern. As scary as present circumstances may seem, however, Covid-19’s impact will continue throughout the rest of 2020. Fortunately, two things about the present landscape may help firms get through the year intact.
First, law firms battling now are bound to face significant challenges later when hoped for performance falls short at year-end. End of year disappointment is difficult to overcome if its surprise leaves little time to react. Because firms now are attuned to their Covid-19 predicament, year-end planning should and can begin immediately. With over 6 months to go, leadership can strategically and tactically get ahead of the anticipated performance shortfall likely to occur.
Second, your challenged firm is not alone. The competition likely is facing similar obstacles to normalcy, meaning that attorney defection may be more controllable. Showing your talent that a plan exists for maintaining stability and stimulating future success may convince your valued lawyers to stay. This may be the year “the grass is greener” pitch may not resonate.
Even with the havoc wrought by the pandemic, effective planning for year-end and keeping talent are two things that can still be achieved.
If these thoughts on leadership in crisis prompts additional thinking, don’t hesitate to reach out to us for a brief no obligation conversation at either:
To read more on leading through law firm crisis, visit ManagingLawFirmTransition.com