Editor's Note: Take a look at our featured best practice, Cost Reduction Opportunities (across Value Chain) (24-slide PowerPoint presentation). Though there are multiple levers to maximizing an organization's profitability, costs are the most directly controllable by any organization. Profitability is being challenged by increased costs, stagnated revenue growth, and increased capital costs in today's economic climate. Therefore, a [read more]
How Law Firms Are Adjusting to the COVID-19 Pandemic
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The World Health Organization (WHO) declared the novel coronavirus (COVID-19) outbreak a pandemic on Wednesday 11th March 2020. Over the past few months, we have seen the coronavirus spread rapidly across most of the globe, with some countries more heavily affected than others. It’s caused serious disruption to the economy and to individuals and businesses. Lawyers and their clients the world over are being affected, with face-to-face meetings, court dates, and office working off the cards for the time being. So, what are law firms doing to ensure that their practices continue running smoothly during the COVID-19 outbreak?
Working From Home
The good news is that for most lawyers, working from home is entirely possible, even if it does mean getting used to it. Instead of working from the office, most lawyers are now set up in home offices and communicating with their colleagues and clients via video call apps like Skype and Zoom. While most court dates may have been postponed until after the outbreak has begun to subside, lawyers are still working on cases and using the extra time to ensure that they are fully prepared to go to court and defend their client.
Online Presence
People are still going to need lawyers, even during the COVID-19 pandemic. In fact, one might argue that lawyers are going to face higher demand than ever before. Family lawyers, for example, might see a surge of demand for their services as quarantining at home puts extra stress and strain on couples and families, leading to more divorce applications and custody battles in the future. And workers who have been forced to continue going to work where no safety measures have been put in place by their employers might want to sue their employer if they catch COVID- 19 as a result. Firms like the Hanlon Law Group may see more immigration applications as people will want to come to the US and be with their families when this is all over. Because of this, it’s never been more important for law firms to be found online. Many are spending time updating their websites, working on SEO, and creating content for their blogs and social media profiles.
Cutting Costs
While court cases are postponed, lawyers are dealing with some loss of income. Without cases to win, many law firms are not collecting fees and, therefore, dealing with a new and immediate need to cut costs as a result. The good news is that there are several ways to do this. For example, furloughing employees who are not directly needed can help to free up payroll cash, while there are several ways to cut the costs of running an office that is not in use for the time being, such as applying for a payment break on the lease or mortgage, temporarily cutting off the utilities when possible or temporarily cutting off the office internet while it is not in use. Many companies that provide services to businesses are providing options in light of the situation to help the companies that they serve cut costs at this uncertain time.
What is your law firm doing amidst the COVID19 pandemic?
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About Shane Avron
Shane Avron is a freelance writer, specializing in business, general management, enterprise software, and digital technologies. In addition to Flevy, Shane's articles have appeared in Huffington Post, Forbes Magazine, among other business journals.Top 10 Recommended Documents on Cost Reduction Assessment
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