Blog post translated from Thomson Reuters’ global legal blog.
Many law firms are now facing unfamiliar circumstances with closed courts, stalled negotiations, and suspended customer business, leading to overwhelming challenges in managing these multiple issues concurrently.
It can be tempting to concentrate solely on present matters and address the future when it arrives, prioritizing survival.
It is a good opportunity to focus on megatrends, which are the key trends that will impact the legal sector and legislation in the future. Mark Haddad recommends examining the direction of legislation, the legal sector, the regulatory environment, and potential future opportunities for providing legal services.
Megatrends could be rapidly reshaping the legal landscape in response to the current crisis, so it’s crucial to anticipate future changes and prepare accordingly for the evolving business environment of your law office.
Small law firms benefit from their nimbleness and adaptable organization in this situation.
Charles Rittgers, owner of the Rittgers & Ritgers office in Ohio, mentioned that his law firm, similar to other small firms, specializes in legal areas like criminal law, divorce, and personal injury. However, due to the current situation, they are facing challenges as the courts are closed, making it difficult to reach out to clients regarding legal matters such as arrests, car accidents, or divorces.
We might not need to wait for years to see how the legal system has been impacted by the current crisis. Immediate advancements in legal practice may be necessary.
How can he keep all 18 lawyers in his office occupied?
Rittgers is considering utilizing his skills in response to the current situation, which has led to a decrease in activities for the office unit located in a university city that typically deals with student-related issues.
The office is actively evaluating turning this department into a bankruptcy hub to serve southern Ohio and is looking into the necessary resources to train its lawyers in this new field. Bankruptcy appears to be a specialization that is expected to expand in the coming years due to the rapid economic changes affecting many people.
Rittgers suggests that this could serve as a short-term solution or potentially evolve into a long-term market strategy for the office.
If students come back in the autumn, it could suggest a drop in bankruptcy demand and enable the company to resume regular operations. If students do not return, the office anticipates exploring a new field to sustain itself. Rittgers is hopeful about a scenario where the office integrates both old and new tasks, potentially leading to the recruitment of additional lawyers.
Law firms must make tough choices to prepare for the future, which can ultimately strengthen their position during challenging economic times.
Small law firms may have fewer diverse specialties and limited professional talents, but they can capitalize on moving quickly towards new opportunities with the right vision.
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