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The light at the end of the tunnel for law Firms and the COVID-19 pandemic

The light at the end of the tunnel for law Firms after the COVID-19 pandemic

Law Firms can today see a giant spotlight at the end of the COVID-19 pandemic tunnel. The only obstacle is likely to be a lack of action to be taken now.

The Lawyers Global

Published on Wednesday, 8th April 2020 – 11:42:42 am by The Lawyers Global
Reading time: 2 minutes | Word count: 658 words

Law Firms can today see a giant spotlight at the end of the COVID-19 pandemic tunnel. The only obstacle is likely to be a lack of action to be taken now.

The Legal Industry will be, most certainly, one of the economic sectors that, globally, will considerably benefit from the COVID-19 aftermath due to the ripple effects of this pandemic.

We've all been witnessing an uncertainty about the legal industry capacity, especially law firms, to overcome the COVID-19 pandemic effects. Many lawyers and law firms are now dealing with the several side effects of the pandemic.

Working from home

These side effects include all the required changes and adjustments that many firms have put in place to keep the business running away from physical offices. There is a vast amount of things, generally done during the office's regular business day, that had to change. From depositions, client meetings, partner meetings, access to documentation that isn't yet available digitally, to name a few, that has set some pressure on firms, lawyers, and their other support staff.

First, it became news, and now it's not new anymore and becoming almost routine. With the significant level of uncertainty to when life will be back to a state considered at least approximately normal, many firm's partners, managing directors, CEOs, and decision-makers, are holding a bad feeling associated with their firm's future.

Dealing with pressure

It all depended on each firms' capacity to handle the stresses caused by all those constraints. Not as much due to a lack of work or clients. Several bars and associations reported already an increase in cases that have been arising as consequences of the pandemic—both from individuals and corporations.

The pricing models will likely have to adapt to the circumstances of a possible financial crisis, but most certainly, the number of clients and cases will grow exponentially. Many firms will have to lower their services' prices, but the profit may increase, compensated by the increase in the number of delivered services.

A reliable pro-bono team, working on less or non-profitable cases, will increase the firm's reputation and brand value, while keeping the "big cases" running for profit, growth, or sustainability.

Managing resources

How the legal industry will be affected in the forecasted financial crisis will depend significantly on how each firm will be able to manage their resources and even exceed their worst projections.

One undeniable aspect is that the number of cases and pressure on the firms, especially by corporate clients, will be huge but worth the efforts.

All around the world, everyone and the majority of businesses are under stress. Still, at the end of the line, many will need to rely on legal services to protect their interests and investments.

Car manufacturers investment during the last big financial crisis through advertisementLearning from the past

During the last big financial crisis, car manufacturers invested enormously in advertising—huge billboards, commercials, magazine ads, and more—knowing that, by the time, people didn't have the chance to afford to buy their cars. One thing they knew–as people came out of the crisis, they already knew which car they would buy.

Now is the right time to invest in the firm's brand awareness. This time is the best to keep clients informed, as much as possible, primarily through social media channels. Many law firms are already posting articles and small notes about current legal challenges.

Brand awareness for Law Firms

Law Firms' Brand awareness is the best tool that will dictate successful outcomes for firms and also for their clients. Those who start now are the ones that will get more and the best clients.

On our side, we can help Law Firms increase their brand awareness, expand their network, their business, and invest in their near future business success.

Feel free to contact us and request our assistance.

 

Photo Credits

"Cover image": Photo by Martin Péchy from Pexels (modified)
"Woman": Photo by freepik
"Billboard": Photo by Mario Proenca

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