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Only 3% of top lawyers believed a recession was “highly unlikely in the next 18 months,” according to a survey conducted by Russell Reynolds Associates.

That was last summer when 97% of participating top lawyers forecasted the likelihood of a recession. COVID-19, the novel coronavirus that sparked a global pandemic and forced millions to stay at home to slow the spread of the virus, indeed caused a recession earlier this year. As more companies find footing in a new economy of most employees operating from their homes, the impact is still present and may define the rest of the year and 2021.

Corporate legal departments are really feeling the weight of the warped business outlook. It’s common for general counsel and chief legal officers to work on the “more with less” doctrine where more responsibilities may be piled on their teams while fewer resources are offered to them. But now “more with less” has exceeded new levels during the COVID-19 crisis.

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Kibkabe Araya

Kibby Araya is the in-house desk editor for Corporate Counsel. She can be reached at [email protected], Twitter and LinkedIn. She is based in Los Angeles.

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