This recorded webinar (54 min 41 sec), co-hosted by Stuart Dodds and Marcie Borgal Shunk, was delivered to the Legal Value Network in May 2020.
In the flurry of fast-paced critical decisions leaders are making today is a looming threat: the long-term impact of each of these decisions, in isolation and in combination. How can law firms ensure their day-to-day responses to a major global, yet temporary, crisis will not have a negative, permanent impact on their long-term viability?
Just as many law firms faced consequences of rate discounts, staff layoffs and curtailed investments in the wake of the 2008/9 financial crisis, so too will law firms today grapple with the ramifications of the choices they’re making right now. Fortunately, the industry can learn from past mistakes. Law firms, with the right tools in place, can mitigate long-term damage. The key is in knowing what to look for now and how to factor ever-changing variables into the equation. Watch this video as we provide a framework for building long-term sustainability into short-term decision-making.
- Learn from the past
- Make the delineation of long-term implications a pre-requisite to any financial, operational or strategic decision
- Communication with transparency and clarity – often
- Respond – do’t react (…or don’t ice your cake too soon!)