Surviving Post-Pandemic: A Law Firm Guide Map
You are allowed to re-open. It’s a new world. Maybe your office was closed for a couple of months and your staff has been working remotely. Sales have dropped for some firms, especially the ones that relied on walk-in traffic.
Some of the personal injury attorneys may have lots of matters but the insurance companies are holding onto the funds and not dispersing at the moment. Without the payments from the insurance companies, you may find cash flow depleted or scarce.
Malpractice attorneys may be seeing a reduction in their income as well. Sales are probably down because they stopped all elective surgeries.
Is it Time for a Change?
Is it time to change your practice area? Now maybe a good time to do so. Selecting the right specialty or adding another one to your practice today may be necessary to transition and improve sales.
How to Choose?
Top five practice areas that are seeing an influx of new clients:
- Family Law: I am guessing here but maybe being locked up with your spouse may have been just the thing that pushes you to file for divorce, which was something that was going to happen anyway. My attorney clients that specialize in divorce are seeing a 30-40% increase in request for divorces.
- Civil Litigation: Even a pandemic doesn’t stop people from filing lawsuits.
- Bankruptcy: An unfortunate consequence of the virus. Many businesses have closed and will not be reopening.
- Foreclosure Law: Same as a bankruptcy focused law practice. There may be an increase here.
- Criminal Law: Human nature. This one is recession-proof.
Now that you have made your selection, the next step is to study the new practice area. Reach out to other attorneys in that same field. Ask them what they like about that focused area? What are their challenges?
After that, it is always a good time to refocus on your business goals. A few questions to ponder:
What are your revenue goals?
What is your plan to make the change?
Do you have the experience and knowledge to do make this change?
Does this practice area fit your location/geographic area?
The answer to these questions should set you up for success.
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