The COVID-19 challenge is unprecedented, for the Legal system. Law-firm leaders must prepare for…

The COVID-19 challenge is unprecedented, for the Legal system. Law-firm leaders must prepare for a wide range of scenarios, the likelihood of which will depend on the effectiveness of both public-health- and Legal-policy interventions.

This article highlights five lessons from previous downturns, outlines potential implications for client demand across practice areas and sectors, and suggests priority areas of focus for law-firm leaders. The most effective firms will manage with a “through-cycle” mindset, giving appropriate attention to near-term pressures while laying the groundwork for long-term success.

1. Law firms weather downturns better than the overall economy does. 2. There will be a wide spectrum of demand responses across legal sectors and practice areas. 3. Regional exposure matters. 4. Law firms handle downturns much better than others do. 5. Downturns accelerate long-term secular trends.