At this moment in time it seems that few — if any — industries will be immune to the collateral economic impacts of the COVID-19 pandemic storm. Law firms face similar challenges but continuing to take disciplined and practical steps in the days, weeks and months ahead will help put you and your management team in a better position to emerge from this with your firm intact.
Here we offer four survival strategies leaders of law firms can use to help navigate through this unprecedented time:
We all know that cash is king right now. Think strategically about how to improve your firm’s cash position, while reducing unnecessary outflows:
Revenue/Inflow:
Expenditures/Outflow:
It’s time to utilize and allocate your human capital resources wisely.
2020 is looking a lot different than you might have expected just a few short weeks ago. Right now, your focus will be on surviving the next 4-6 months, so projections and monitoring will be key.
You, your team and your clients have all been adapting to a tremendous amount of personal and professional change as a result of the COVID-19 pandemic impacts. Since most people are working remotely (many for the first time) and meeting face to face is currently not an option, finding other ways to stay well- connected are critical.
Internal Communications:
Schedule daily or weekly team calls (via video, ideally) to check in with your people. Having a routine touch point will help them keep connected to each other, your clients and the firm itself. Eat lunch or breakfast together or hold a virtual happy hour. Ask your people for input into the format and schedule that works best for them.
Update your people on firmwide developments. Be as transparent as you can. Hold video town hall meetings. Let them raise questions and concerns while you keep them engaged with the firm’s essential mission of providing value to your clients.
External Communications:
Call your clients and friends in the business community. Ask them how they are doing. Share what you’ve been experiencing both on a personal level and within your firm. Show empathy, listen well and above all, be genuine. Consider scheduling complimentary 15-minute conversations with 10-20 of your best clients, referral sources or peers each week to share your particular areas of expertise and brainstorm together.
This is probably not the time to aggressively pitch new business. Rather, taking the time to freely demonstrate your knowledge and approach (with the reassurance you won’t be sending a bill for your time), you will surely strengthen and expand the relationship. Down the road, that personal investment of your time might pay unexpected dividends.
Without a doubt, this is a uniquely challenging time and we don’t have a crystal ball to know when it will end. That is unsettling for us as humans on a fundamental level, but the better we are all able to adapt, the better position we will collectively be when we all come out on the other side.
For regulatory updates and other information on running your firm through disruption, visit our COVID-19 Resource Center.
April 07, 2020