From the Editor: In This Crisis, Law Firms Can Shine as Clients' Most Trusted Advisers
One thing that has become clear in recent weeks is the value of a law firm, Gina Passarella writes. And, at the same time, some of its shortcomings.
March 27, 2020 at 10:08 AM
3 minute read
Editor's note: This piece is adapted from editor-in-chief Gina Passarella's introduction to the April edition of The American Lawyer.
During the months we were preparing our annual Dealmakers issue, the world looked a lot different.
The issue addresses very real challenges and opportunities surrounding how deals are getting done. But even as I write this, we can't quite know how deals will be impacted by the coronavirus pandemic.
Many law firms are now requiring their lawyers and staff to work remotely. I'm hunkering down for at least five weeks with the kids home from school, as are workers in several pockets of the country. Grocery store shelves are often empty. Events are being canceled. The National Guard is being called into towns to help. Clients are scrambling to figure out how to move and maintain their supply chains or best protect their workforces, and the health care system is scrambling to prepare for a stress test of possibly unprecedented proportions.
I write this not because it's anything you don't know, but because I wonder how different those facts will be in just a few weeks, let alone a few months. The situation is changing by the hour, and law firms are working overtime to figure out how to both run their own institutions in these challenging times and how to advise their clients to do the same.
In this time of crisis and uncertainty, one thing that has become clear is the value of a law firm. And, at the same time, some of its shortcomings.
There is much talk about how clients are increasingly turning to new providers in an expression of dissatisfaction with the law firm business model. But during a crisis, particularly this one, it is clear that the law firm is where clients are turning.
Clients aren't out searching for new providers right now. They don't have time. They need answers now. And they need answers to really complicated, novel questions. So there is no better place to turn than to their traditional providers. Law firms are the ones able to best navigate the thorny legal issues that surround their clients' business challenges. And they have the infrastructure and manpower to address them. They also have the infrastructure to mobilize pro bono support in the midst of a crisis. As is often the case in times of uncertainty, it is a lawyer and law firm's time to shine—to be that trusted adviser clients are always seeking.
The pandemic exposed some of the flaws in law firms' infrastructure. The main one is around their ability to work remotely en masse. It isn't all about technology. Most firms quickly stress-tested their systems and found them able to support wide-scale remote work. It's more about mindset. Many firms struggled with the idea of closing their offices. Remote depositions didn't exist outside of a crisis. Face time is still valued more than perhaps it should be.
Law firms' expertise will be in high demand for several months, but a recession's impact will again put their business model to the test, particularly for those that focus on corporate work. Firms that can balance the trusted adviser role with a forward-thinking business model will be ahead of the curve. After all, as this crisis shows, it's the law firm's relationship to lose.
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