Commentary The Continuing Impact of the Coronavirus on the Liquor Industry In my last article, we were at the beginning of the COVID-19 pandemic and were just starting to … Shearman & Sterling has issued a travel ban for China and Hong Kong, and is minimising travel to all contaminated regions; Dentons has closed its office in Wuhan, China; Linklaters is imposing a 14-day work from home restriction on all staff returning from affected regions; in Milan, at least ten commercial law firms have taken measures to protect their staff, with several office closures. Sign up to receive email updates from Intapp. Learn about There have been circulars from the Courts indicating that hearings are to take place remotely using the technologies noted above or involving advocates only; with their clients on the telephone (which for many will be a great relief, Court attendance being notoriously stressful for lay clients). Reinvent your business. Using technology such as LoopUp, Zoom and Microsoft Teams, firms and individual departments are able to continue to communicate effectively and to check in regularly with developments in their files and cases. Please click "Accept" to help us improve its usefulness with additional cookies. It is natural to expect that litigation and restructuring practice areas will do well while other transactional practices will suffer, but the reality will be more nuanced. Please bear in mind that the authors of many Legal Cheek Journal pieces are at the beginning of their career. Legal Limbo: The Impact of COVID-19 on American Law Firms Just as it has on almost every other part of American society, the COVID-19 pandemic has had detrimental effects on the United States legal industry. It is presently not known how long these measures will need to be in place though it appears that it will be at least several months. Clio’s COVID-19 Impact Research Briefing: June 17. Looking ahead, most respondents considered that the pandemic will have at least a moderate change on their remote working policies, and more than 25% thought there will be either a large or fundamental impact. Would the subtleties of a complex negotiation be effectively communicated on a screen? Although the effects on many industries have been well documented, it remains less clear what the follow-on impact will be for legal services demand. For law firms, near-term issues of cash management for liquidity and solvency are clearly paramount. In response to the COVID-19 crisis, there has been wide variation in impact across the global economy to date (Exhibit 3). Law-firm partners should proactively connect with and really listen to clients and their needs. Log In, /content/aba-cms-dotorg/en/groups/law_practice/publications/lawpracticetoday/practiceforward/coronavirus-law-firm-marketing. © 2020 Intapp, Inc. All Rights Reserved. We'll email you when new articles are published on this topic. COVID-19: Business impact on law firms. Litigants, their lawyers, witnesses, experts, court staff and judges will all be called upon in civil hearings. The firm temporarily closed down its London office after a potential case of the coronavirus came to light. Consider smoothing and elongating distributions to partners. The Supreme People’s Court is instructing judges to embrace the online system for litigation, and insisting that all Chinese courts advise litigants to settle disputes online. What will be your law firm’s relevance agenda on the topics for which you have distinctive capabilities (such as implications of Federal Reserve Board and Department of Treasury facilities and tech acceleration)? Commentary The Coronavirus, This Recession and How Law Firms Need to Plan Now to Protect Their Business Hugh Simons offers practical tips on what law firms can do now to prepare for the impacts … This article highlights five lessons from previous downturns, outlines potential implications for client demand across practice areas and sectors, and suggests priority areas of focus for law-firm leaders. Most transformations fail. Please email us at: McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. Learn more about cookies, Opens in new Flip the odds. Explore DealCloud, a best-of-breed solution designed specifically for financial services firms that helps you seamlessly execute your fundraising, sourcing, and deal management strategies. Decisions made now may well shape a firm’s direction and culture for the long term. Economists, strategists, and research firms have already completed extensive research on the market impacts of the COVID-19 pandemic. Another significant impact of the lockdowns is their effect on productivity across many industries. 8% of respondents confirmed that they had implemented a workplace policy addressing pandemic disease in response to Coronavirus*. If it is taking longer than a week from idea to publication or a client discussion, that is too long in this fluid time. Overall, we anticipate that the COVID-19 pandemic will cause a drop in the total volume of legal services clients demand. Learn why hundreds of leading firms rely on us for the implementations, business consulting, proven training, and trusted expertise it takes to deliver value to you and your clients.

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