The pandemic has caused people to seriously review their future financially, and that has led UK law firms and lawyers of all ages to ponder what the future holds for their business.
The Coronavirus pandemic has already changed so much about the world we live in. Every day brings more uncertainty while economies around the world head towards recession.
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According to the World Economic Forum, “COVID-19 recession could be far worse than 2008“.
Whether you are a large law firm with offices worldwide or a small one with a local presence, you should start planning ahead; if you haven’t already done so. The well-being and job security of you and your employees should be at the top of your agenda in your business continuity plan.
Your employees should feel they are in good hands. Communicate regularly to reassure them and provide reliable information.
Looking after your existing clients and new clients alike guarantees future business. Support your clients in their immediate challenges by delivering life-changing services. Make sure you get paid as soon as they come out of the woods. Carrying too much debt will not help your business to survive long term.
Review your costs structures by distinguishing between the line items that are not paramount to your day to day running of your firm. For instance, retaining your marketing budgets could be a good move. Conversely, upgrading an IT system could be pushed back for a later date.
On your marketing front, educate your clients with regular posts on your website or social media channels. If your online activity dries up, it is the digital equivalent of turning the lights off. Your clients could assume you are going out of business, even if the opposite is true.
Maintaining, or even increasing, marketing expenditure during downturns often makes good business sense. Marketing is as much about influencing customers behaviour of the future as it is about pushing people through your door now. “Researchers have shown that companies that are able to maintain and even increase their marketing budget/spend during a recession experience growth in their sales figures and market share, during and after a recession.” (Amissah and Money (2015))
Hence, having an online presence is seen by many as being crucial in these times, especially under the current circumstances.
There are so many unknowns with coronavirus that it is wise to prepare now rather than reacting later when in a more desperate situation.
Check out the “Business Continuity Toolkit” to ensure your firm maintain its business and cash flow.
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