Thoroughly Examining Lessons from the Coronavirus Crisis Operating Model
This is my fifth post about law firms in the Coronavirus Crisis.
In an earlier post, I suggested law firms pursue three ideas to navigate this crisis: Lead, Manage, and Learn. This week I address the third idea.
There is a lot to learn
Two months into the crisis, most law firm leaders are well into the process of anticipating what the future holds, and getting ready for it. Of course, no one actually knows what lies ahead, but we have increasing clues, and a growing understanding that the future will be different: a “new normal.”
I have spoken directly to a large number of law firm leaders in the last few weeks about the impact of the crisis on their firms, and how they are managing and leading through it. I am encouraged by how thoughtful they are being about the entire range of issues, including, specifically, the health and well-being of their people.
Most law firm leaders are confident that demand will eventually return to robust levels. I think they are right. The challenge will be staking out a strategy to continue to win at least as great a share of that demand as the firm did before the crisis.
Most law firm leaders also realize that the new normal will be even more competitive than before. As they rebound from the financial impact of the crisis, clients will be more exacting in their standards, expecting greater value for each dollar they spend on legal services. And the competitors, including ALSP’s and in-house solutions, as well as other law firms, will provide clients worthy alternatives to consider.
I believe the most important change in the new normal will be in the way the law firms will operate and do their work.
Continue Reading A Time to Learn: Three Questions Law Firms Should Ask to Prepare for the “New Normal”