In the turmoil caused by Covid-19, many law firms have had to adjust to unforeseen circumstances. News stories tell the sad tale of law firms being adversely impacted. Some firms have closed, and unfortunately others will follow.
With one firm’s demise comes opportunity for others. Clearly, personnel leaving the firm in wind-down must find homes and for them, only the best is wished. An equally dynamic opportunity exists for law firms surviving the pandemic. For those firms, the added talent in the market provides a chance to add substantive and financial strength.
Firms considering adding this talent that should consider two things before jumping on the chance to add from a burgeoning talent pool.
First, the firm should consider whether the apparent financial strength associated with the candidate(s) is compatible with the firm’s long-term strategy and aspirations. A short-term shot in the arm from a business generator may divert a firm from fulfilling its articulated vision of its future. Focus on the future is important and should not be abandoned. A careful review of the opportunity, with all its implications on the future, is required.
Second, any candidate to be added must be evaluated in the context of the firm’s existing culture. Time and again, surveys and anecdotal evidence have shown that law firms have reason to place high value on preserving firm culture. A good and sound culture can help a firm through good and bad times. Any addition that undermines your firm’s culture will be regretted later. Evaluating the cultural impact is essential.
In these times, opportunity knocks. But unless a firm is convinced its long-term financial strength and culture won’t suffer, the door should remain closed.