In early March, around the time when the second U.S. death stemming from the novel coronavirus was announced in Washington state, the McGuireWoods executive team gathered to discuss what the pandemic would mean for the economy and, by extension, the firm.

The worst-case scenario, the team decided, was a 30% decrease in revenue through the third quarter of 2020, driven by softening demand and a liquidity crisis that would lengthen the turnaround time for client payments. More positive projections were informed by the consensus among many economists predicting a “V” shaped recovery: a sharp decline followed by a quick, intense rebound.