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The in-office culture is quickly shifting into virtual work environment due to corona virus pandemic. As per Clio recent study, In US, the new legal matter opening rate has dropped by 40% after February because of the economic downturn. More than 50% of legal consumers said the legal matters will not be a top priority for the next 2 months. 58% of them told they will meet lawyers through video conference rather than in-person meetings for any legal assistance. As covid19 response measure, 20% of law firms are forced to reduce the organization size by curtailing staffs. Almost 60% of the legal firms expects 4 – 12 months for rebounding to its original financial position before Covid19.

All the above indicators of various study associated with Covid19 impact on Law firms suggests:

Law firms are forced to rethink investing new technologies, virtual workforce environments to stay agile and profitable.

How to Respond Moving Forward

Foster Personal Relationships & Communication

Alleviate your client’s fear through constantly communicating accurate information and legal advice timely. Reaffirm your legal firms’ commitment towards your staff, clients, & investors/shareholders. Ensure health & safety of your clients and employees.

Investigate & Prepare to Manage Crisis

Maintaining business continuity amid macroeconomic uncertainties is challenging. Reassess how your law firm responded to current covid19 crisis. Explore opportunities to manage risks and operate seamlessly during unprecedented times in the future. Strategically plan to ensure social distancing within your organization, touch base with your clients virtually. Formulate standard operating procedures during pandemic situations, work-from-home policies, technology, and infrastructure required to keep your business alive at turbulent times.

Financial Advisory & Contingency Plans

The Covid19 crisis will be certainly the longest lockdown impacted by 1.3 billion people and continue to be in force. This could badly impinge on your cash reserves and cash flow. It could also heat up again anytime. Develop your contingency plans with the right financial guidance from experts. Shift strategies and quickly adjust to secure your firm’s assets & brand position depending upon the severity of the events with an appropriate escalation plan.

Improving Legal Services Delivery at Critical Times

Review your current capabilities and technology needs to improve the feasibility of delivering legal services virtually. Be the front-runner in applying the legal intelligence tools & innovations for your law firm to enrich legal services delivery and client experiences. Engage with your clients in resolving queries and conflicts at tumultuous times.

Navigate through the uncharted waters

36% of legal firms do not have a comprehensive spending strategy. Law firm leaders need to pull the levers and reduce spend across the key cost drivers such as litigation, compliance, data privacy, and e-Discovery, etc.

Talk to Park Intelli Solutions to get prepared to navigate through challenges and uncertainties through cost-effective LPO solutions.