Laid off lawyers can control their own destinies
While current events have brought many uncertainties to business, laid off lawyers have tremendous skills to offer. If you have been laid off, you can control your own destiny by starting your own law firm.
The pandemic’s effect on law firms
Many large law firms nationwide have announced austerity measures in response to the new realities of 2020. Lawyers who still have their jobs might face temporary furloughs or pay cuts, and firms might need to tighten their belts even more later this year.
In addition, firms might need to consider changes to how they operate. Marc A. Cohen, a Forbes contributor and expert on the legal industry, predicts:
“How will COVID-19 change the legal industry…? Short answer: the coronavirus will turbocharge legal industry transformation. It will propel law into the digital age and reshape its landscape. The entire legal ecosystem will be affected—consumers, providers, the Academy, and the judicial system.”
He notes that law schools will need to change how they educate new lawyers, which could have additional impacts on service delivery in years to come.
How lawyers can adapt
For lawyers who have been laid off, re-entering the job market now might feel daunting, to say the least. For many, it could make more sense to launch an independent law practice.
Both corporate and private law clients will be seeking law services from nimble lawyers and firms. Independent lawyers have a unique ability to offer services in a way that flexes to meet market changes as they happen.
Be prepared to respond to client needs in new ways. Whenever possible, offer virtual communication options and streamline your case management system using cloud-based tools.
In addition, keep tabs on what clients will need in the coming months and years. The COVID-19 pandemic will have far-reaching effects, and clients will need legal services to respond appropriately. As Law.com reports:
“Recruiters say the demand for contract attorneys in corporate and government legal departments and law firms is rising as the ongoing COVID-19 pandemic creates more of certain types of legal work.”
Those areas include health care, data privacy, employment law and more. Look for ways to expand your current service offerings to meet these new service demands.
The social element
Finally, while virtual platforms and tools have received widespread attention during the past few months of social distancing, lawyers and others continue to have a strong need to interact as a network. Humans are a social species, and work doesn’t flow as well in isolation.
Architecture firm Gensler reports on the social effects of the pandemic and the need for community, saying:
“‘We have taken each other for granted,” said the managing partner of a London-based law firm. He suspects that when this is all over, there will be a great desire to get back to the office, as staff and lawyers alike have realized the importance of physical interaction to building culture and growing business. “Business development and networking is a huge challenge at the moment,” he explained.
As events and conferences are now on hold, lawyers are finding it difficult to grow their networks. The relevance of maintaining and growing client relationships is heightened, and this is a lesson that won’t be forgotten when distancing mandates ease.
As we know from our incredible community of LawBank members, independent lawyers need a network of peers in order to thrive. Throughout the remainder of the year, people will find ways to gather safely. As we conduct our law businesses in new ways, we will also find new-found value in our relationships with colleagues and peers.
For lawyers launching a new firm or independent practice, building and maintaining those relationships will create a strong foundation for growth. Independent practice doesn’t have to mean isolated practice.
To learn more about launching a law business with the support of an existing network, contact us. We offer coworking and office space at three central Denver locations. We also partner with large law firms on subleases.
