More than a decade after the 2008 global financial crisis, the world finds itself gripped by a pandemic and the resulting economic turmoil. As we saw in 2008, law firms won’t escape the impact of the recession, particularly as clients trim budgets and reduce demand for legal services. But unlike companies with diverse sources of …
The Covid-19 crisis is creating a lot of learning and insight across the legal sector and the wider communities in which we work and live. Much of this revolves around actions that organisations and their leaders are taking to navigate the crisis – including what leaders should do to manage uncertainty. A key feature of …
Continue reading “Leadership in a crisis (or how to build the ship while sailing it)”
Regular readers are familiar with our custom of penning ‘Letters from…’ when we’ve spent time in a major city and want to offer some observations and commentary on that legal market. We’re not travelling. That can mean only one thing: Time for us to compose a ‘Letter from New York.’ Let’s start with some data, …
Law firm leaders are getting restless. They are beginning to look past Covid-19 to what comes next. Even if finances remain a concern, there are fewer ‘unknown unknowns’. The process for getting people back to the office is mapped out. Huge uncertainties and challenges remain, but a way forward is emerging. The question now is: …
If we can already make a few forecasts about some aspects of the post-coronavirus world, currently pole position among things the legal industry abruptly realised will look radically different as of ten weeks ago are large-scale, grand, frightfully-expensive offices. It turns out that we were all used to the modern, shiny, flagship office and now …
What we do not know about the surreal period we’re in thanks to the coronavirus pandemic would fill the proverbial book for law firm leaders, or actually several. I won’t presume to speak to medical/scientific issues, desperate as we are to have some clarity; I’m sticking with the economic/business/strategic issues. What we don’t know, or …
The issue no law firm leader wants to address right now is whether partner ranks need to be thinned. Polite conversations continue while everyone studiously avoids the issue everyone knows needs to be discussed. Why?
Firms give their view on crisis management in the current pandemic.
Stavros Pavlou | Senior & Managing Partner Stella Strati | Partner-Corporate, Tax, Private Client The Covid-19 crisis is first and foremost a humanitarian crisis and one that raises fears for the health of ourselves, our loved ones, our families, our co-workers and friends. The cohesion of society itself is at risk and the survival of …
Law firms around the world are being forced to contemplate something a good many have never had to face before, even during the 2008/09 financial crisis – letting partners and staff go at scale. Fat profit margins and a paternalistic partnership ethos have traditionally insulated law firms from concerns that are relatively commonplace for their …
