When we think of a crisis, what usually comes to our mind is an unexpected, negative event, with a limited duration.
If it seems that both – activity of online communities and the amount of legal content on social media has boomed lately, you are not wrong. LinkedIn reported that the number of articles from February untill March 23 grew by 2196% and 33% of these posts were related to coronavirus (Navigating Today’s Evolving World of Work, LinkedIn, 2020 March). Global research shows that the legal service industry was among TOP10 contributors to the topic and my research in Lithuania confirms that by indicating that the main cause for that was a significant increase in the production of content by law firms and lawyers.
Crisis time is not a problem. It is an opportunity. Seemingly so solid structures start to shake, opening up new opportunities for those who want to see them. It can be particularly rewarding for those who are open to tune or revise their modus operandi, being opportunistic, attracting the best talent, acting more swiftly, and preparing for the future more efficiently than others.
There’s little doubt that when it comes to marketing, few industries have been as active in the last month as the legal profession. And to my professional eye, most of this activity has been focused on the acquisition of new clients. Unfortunately, as far as I can see, a lot of these activities have not delivered their intended business results. I believe the reasons are fairly clear. That is why I have put together some strategic insights that will help law firms and individual practitioners to rethink their Covid-19 marketing strategy for attracting new clients. I hope the following suggestions will inspire new ideas and approaches:
From GC Nightmares to Partner Nightmares
In our previous article, we addressed the frustration of general counsel regarding external lawyers pushing against their caps, and we provided some tips for how to defuse this tension. (See Evelaw. GC Nightmares: Assaults on the Cap).
Why can’t you sleep?
When we ask general counsel the question “What keeps you up at night about law firms”, many gnash their teeth about a problem with fee caps. In particular, they express their frustration with law firms requesting cap waivers based on the belief that the matter’s scope has been exceeded.
For the last couple of years the issue of attracting foreign investments into Ukraine has loomed large. However, attracting such investment is hardly possible without creating the proper investment climate and implementing necessary reforms. One necessary step is transforming Ukrainian corporate law.