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HOW YOUR LAW FIRM CAN POSITION ITSELF IN THE POST-PANDEMIC INDUSTRY

We will remember 2020 as the year that was interrupted by the COVID-19 outbreak.

While the global pandemic has now mostly been contained, with the UK government lifting lockdown restrictions in phases, law firms must look at how to regroup.

The coronavirus has affected each law firm differently. Minor disruptions have included organising new remote working practices. At the further end of the spectrum, an almost two-month ban on moving houses has decimated conveyancing departments.

The UK government has deferred VAT payments for all businesses until March 2021, which gives companies financial breathing space as they determine how their organisation has been affected and plan their response.

However, it is fair to say firms everywhere are facing up to the reality that their business model will change significantly, moving forwards.

Law firms are sensitive to the economic market, of which experts are predicting a recession. While no one can directly influence the circumstances, we find ourselves in right now, firms can control how they respond.

However, it is the legal practices which can adapt to changes in the marketplace which will survive. There are challenges in the industry right now, but there are also opportunities. This report has been created based on market research from UK law firms on what are the current significant difficulties, and how you can acclimatise to weather the storm.