💵 What a possible coronavirus recession means for the legal industry
|Mar 17, 2020|
Despite early attempts at federal relief, the economy keeps taking hits. This is how the legal industry will likely be impacted during an economic downtime, according to Law.com.
Demand for legal services could drop: The demand declined after the 2008 financial crisis, and Hugh A. Simons, former senior partner of The Boston Consulting Group, expects a greater fall this time.
The effect on hiring outside counsel: With demand for legal services down, in-house counsel will keep much of the work for themselves. If they hire outside help, they will almost certainly seek discounted rates (shameless plug: Lawtrades’ cost-effective remote workforce).
What lawyers should be doing now
Simons recommends focusing on clients or legal issues that require the most immediate need. Secondly, budget now. Consider the possible financial restraints in the future and prioritize plans that will be important enough for your client or company to pay for.
No one knows what to expect for the coming weeks and months, but bracing for the worst and making a plan may help -- and will at least keep you sane for now.