Regardless of degree, Covid-19’s impact on law firms is near universal. Some firms have been impacted so severely that crisis is their reality. Confronted with a do or die situation, strong leadership fights to bring back normalcy. Failure can mean disaster.
Leaders used to positive law firm performance can find themselves uncertain about their new
The economic turmoil driven by the coronavirus has impacted virtually every law firm — some more significantly than others. Unfortunately, the pain has only begun for many. The demand for many transaction related practices is likely to be off for an extended period, and though most expect demand for litigation services to be steady, the
The COVID-19 pandemic has had an enormous impact on businesses world-wide. Law firms have been no exception. A relative handful of firms are enjoying an increase in demand for their services. For these firms, primary challenges relate to maintaining a safe work environment.
Covid-19’s harmful impact on some law firms shows in reduced client demand, delayed or reduced receivable realization, and production inefficiency. While those consequences may be understandable in light of the pandemic, third parties that expect fulfillment of promises and obligations may not be totally sympathetic. Some grace may be extended, but it is neither assured
As law firms (and businesses generally) confront the growing financial challenges associated with the Covid-19 crisis, a plan for an escalating response is necessary. The appropriate answer for a particular law firm will depend on its current and projected condition and its culture, but consider the following as you develop your plan.
Government assistance –
Covid-19 and its implications for law firm stability is being experienced industry-wide. The fallout has many firms in full-on crisis. Reduced draws, layoffs or furloughs, expense reduction, stimulus loans have become an all too common part of the survival mix. Resorting to these tools can help little if strong leadership fails to rise to the
The Coronavirus is causing broad-based law firm disruption. Reports of law firms reducing draws, decreasing salaries, furloughing or laying off of lawyers and staff, and modifying summer associate programs appear daily. Besides creating concern for health and well-being, the pandemic presents real and substantial challenges for law firms. All firms will feel it, and some
The phrase “extraordinary times” is an understatement when it comes to describing these days as each of us is forced to focus on new ways to achieve personal and business survival. As law firms attempt to envision a path through this crisis, a new working relationship with vendors should be considered as part of the
A law firm in crisis is in a different world—a world in which leadership must learn to adapt. It is a place that requires thinking differently, acting decisively, and making choices count. In battling crisis mistakes inevitably happen, but successful crisis leaders keep the number and magnitude small. A law firm leader flexes brain muscles
The vast majority of law firms are already or in the throes of or are about to experience a marked decrease in revenue, whether to closed courts, stalled transactions, or simply because clients are pulling back and paying more slowly.
For a very small minority of law firms declining cash balances aren’t a problem thanks
