At the end of a year like no other, law firms need the tools to navigate a landscape defined by uncertainty and change
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To say that the business climate in Canada has changed since the beginning of the year, would be an incredible understatement. The challenges faced by businesses and corporations of all sizes in today’s environment are unlike anything that has taken place in recent history. The COVID-19 pandemic is impacting businesses across the country, and some industries, like restaurants and hospitality, are being hit harder than others.
But no segment of Canadian industry is untouched, including law firms. On one level or another, every business is fighting to stay afloat, and it’s vital to have a plan for how to navigate a fluctuating market. How are innovative firms approaching the current challenges? For many, it comes down to being ready to field unexpected requests.
Be able to say “Yes” to concerned clients
If law firms are concerned about how to navigate an economic downturn, their clients are probably feeling the same way – if not more so. These are scary times for everyone. Clients need a trusted partner they can turn to for advice on how to protect their businesses, their employees, and themselves.
In some cases, clients’ questions may fall outside their partner firms’ typical areas of practice. The more prepared firms can be to provide advice on these types of questions, the more they solidify themselves as their clients’ lifelong partners. Take advantage of legal tech that allows you to quickly obtain the accurate answers your clients need during their most difficult times.
Be willing to take on new types of matters
There is little doubt that clients’ priorities and legal needs will change in light of the current situation. In fact, data from Thomson Reuters Peer Monitor is already showing an increase in some practice areas. While it’s impossible to say with certainty what practice areas will be in the highest demand as the COVID situation continues to evolve, some experts project an increased need in the following areas:
Fill the gaps in your firm’s expertise
Whether for an existing client or a new one, there is an opportunity for firms that don’t regularly practice in these areas to position themselves as that go-to partner. By building the expertise now, firms will become more valuable to clients who are facing these new types of legal challenges in the midst of dealing with the impacts of COVID-19. They will naturally gravitate towards firms they know and trust.
Armed with the requisite expertise, firms can make the process of dealing with unexpected challenges much less stressful for clients — something they will appreciate and likely remember. Forward-thinking firms are being proactive about implementing how-to solutions that allow their lawyers to get up to speed quickly on new areas of law so they are prepared when clients call.
In a fluctuating market, firms may find themselves considering matters outside of their core practice areas. Just as their current clients may be seeking advice in new and unexpected areas, potential clients might be as well. In addition, referrals from other firms could be on the rise.
Establishing new client relationships could be at least as important as nurturing current ones during these times. And preparedness will most certainly be rewarded. There are a number of solutions on the market designed to help attorneys get up to speed quickly on new practice areas. Now is the time for firms to educate themselves on emerging demands and take steps to build the requisite expertise.
Take action
Firms need to be proactive in times like these. Always put the health and safety of your clients and team members first, but don’t lose sight of the health of your business. Learn more about how technology can help your firm thrive in a fluctuating market. Read our white paper, Six Ways Firms Can Win with Legal Technology in an Uncertain Market.
