In our article ‘Corona Crisis– Effects of social and economic scenarios on the legal market’ we have outlined some possible developments and relevant observation points. This results in some areas of actions for law firms, which we outline below.
In our future contributions we will detail these in a structured way on the time axis of short- / medium- / long-term measures.
Actions for law firms:
We will briefly outline each of these in this article and will go into them in more detail in further articles to follow.
Two macroeconomic changes will affect clients and thus law firms:
We anticipate a strong demand for advice in the areas of regulatory, compliance, finance, corporate and litigation as well as in trade law.
Clients’ debt levels, particularly in those industries more severely affected by supply and demand shocks, will increase sharply and the pressure to restructure will increase accordingly.
For law firms, this requires:
The areas of action mentioned so far will continue to entail a high, albeit differently focused, need for legal advice from clients. We believe that the crisis will further strengthen the already existing segmentation and consolidation processes in the legal market. Thus, law firms should consider:
The pressure to adapt a law firm’s own organisation to the new environment is increasing. This entails from our perspective: