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Observations from the past week in the legal industry based on available data and anecdotal evidence:
Some firms are starting to see red flags in their internal data for May. Some seeing collection times increasing. Some see hours materially below budget. 1/14
Some firms are starting to see red flags in their internal data for May. Some seeing collection times increasing. Some see hours materially below budget. 1/14
Some firms badly missing daily collections targets on an increasing number of days per week. However other firms report encouraging internal data on hours and other key performance metrics. The firms that are on track or getting back on track generally have something 2/14
in common: they are the best or among the best in certain chosen areas of focus, whether practices, industry sectors, geographies or a combination of these things. That helps generate demand. This speaks to the value of a firm picking its spots and investing accordingly, 3/14
rather than trying to be the best at everything and failing to develop differentiated preeminence in areas of strength.
Many firms talking about opening offices. Some say they are rooting decisions in science, following CDC guidelines. Others are not. Those that are not 4/14
Many firms talking about opening offices. Some say they are rooting decisions in science, following CDC guidelines. Others are not. Those that are not 4/14
may regret it. Aside from disease risk, they are likely to raise lawyer anxiety, which produces poorer decisions, weakening the consistency of a firm’s quality.
Speaking of anxiety, some firms are sensitive to child/elder-care needs. Others not. Those that are not may 5/14
Speaking of anxiety, some firms are sensitive to child/elder-care needs. Others not. Those that are not may 5/14
ultimately find themselves at a competitive disadvantage to attract and retain diverse high-performing teams, which is increasingly essential to market leadership.
Similarly, some firms more focused than others on wellbeing of their teams, obviously essential 6/14
Similarly, some firms more focused than others on wellbeing of their teams, obviously essential 6/14
during a crisis like this one + obviously essential to protect the most important assets of any law firm, its people.
On a related note, there will be pressure applied by key partners on associates and staff to follow their lead to get back to the office. This will happen 7/14
On a related note, there will be pressure applied by key partners on associates and staff to follow their lead to get back to the office. This will happen 7/14
in firms even when leadership says it isn’t mandatory to return to the office for now (this will be most firms). It will be important for firms to push back on partners who apply this pressure, a form of bad behavior. Firms that don’t may find themselves at a competitive 8/14
disadvantage to attract/keep sought after teams.
In the US broadly + in US law firms, there are some who see wearing a mask and other steps widely recommended by health experts as a political statement. Firms that allow that behavior to proliferate in their firms run the 9/14
In the US broadly + in US law firms, there are some who see wearing a mask and other steps widely recommended by health experts as a political statement. Firms that allow that behavior to proliferate in their firms run the 9/14
risk of negative outcomes related to the health of their teams and also long term impediments to attracting + retaining sought after teams of lawyers with a diversity of views. That may ultimately put those firms at a competitive disadvantage relative to peers, particularly 10/14
in highly competitive markets.
In closing, many firms will get stronger and improve market position through the downturn which:
*Pick their spots + invest accordingly, building a bench that makes them among the best in chosen areas, raising 11/14
In closing, many firms will get stronger and improve market position through the downturn which:
*Pick their spots + invest accordingly, building a bench that makes them among the best in chosen areas, raising 11/14
demand (part of strategic planning)
*Root their decisions in science on re-opening + keeping their people safe, therefore decreasing anxiety
*Push back on partners who apply pressure on other lawyers/staff to get back to the office before they feel it is safe to do so 12/14
*Root their decisions in science on re-opening + keeping their people safe, therefore decreasing anxiety
*Push back on partners who apply pressure on other lawyers/staff to get back to the office before they feel it is safe to do so 12/14
*Push back on those who push an agenda driven by politics rather than science
*Are attentive to addressing wellbeing of their teams including those who face greater challenges than others in the current crisis, a very sizeable group due to long term challenges in legal 13/14
*Are attentive to addressing wellbeing of their teams including those who face greater challenges than others in the current crisis, a very sizeable group due to long term challenges in legal 13/14
*Are sensitive to the child + elder care needs of their people, particularly for their attorneys who are sought after by many firms
These steps are opportunities for firms to mitigate enterprise risk + strengthen their market position through + coming out of the downturn. 14/14
These steps are opportunities for firms to mitigate enterprise risk + strengthen their market position through + coming out of the downturn. 14/14
