For many law firms, the month of June marks the halfway point in the firm’s fiscal year, a time when leaders begin to more closely assess year-to-date lawyer performance trends, refine year-end financial projections, and evaluate the the need for mid-year partner performance messages. Of course, this June is unlike years past. This June, we face a tremendous amount of uncertainty in the broader economy and also within the legal industry.
Law firm leaders are currently focused on business resilience measures – making the business decisions that will help the firm get through the trough of the pandemic and the resulting impact on the economy, as well as initiating planning for a safe return to the office environment. While these immediate issues are critical and pressing, leaders would be well served to start thinking now about the medium- and longer-term impact that the current situation will have on the legal industry and on their firms.