Flexibility and responsiveness are currently crucial for every law firm.
Many firms have responded with cash management and cost-cutting measures. Projects have been put on hold, partner drawings and bonus payments suspended.
Although the future is difficult to predict we do believe that, for the medium term, firms have to undertake a brutally honest analysis of their people capabilities, client portfolios and financial-economic performance.
Longer term, market changes will become clearer: that’s the moment for a more strategic review.