Law firms today are mired, for good reason, in short-term decisions: the best ways to help and support clients and talent, how to preserve cash flow and ensure financial sustainability, and what precautions need to be in place as firms consider reopening. It is easy, in these tumultuous times, to set aside considerations of long-term planning, or even suggest forward-thinking exercises are a waste of time. Yet history tells us otherwise.

We know from experience as recent as the financial crisis of 2009 short-term decisions can have long-term impact. Law firm behaviors today reflect past learnings including fewer unfunded pensions, less overall carried debt, a more modest approach to lateral guarantees, larger nonequity classes and, to date, more furloughs and fewer layoffs this time around. Some firms, like Morgan Lewis & Bockius and BakerHostetler, even continue to invest, demonstrating to the market their resilience and willingness to invest in the firm’s future even when the chips are down or the environment uncertain.