historic photo of D-Day planning, 1944

The events of the past twelve years are very persuasive. 

The old whining excuse that "nobody could have possibly foreseen this" is no longer an acceptable management response.

The law firms that have managed the COVID-19 pandemic the best had already expected the unexpected. Their responses might not have been perfect in every case, but they have been more effective and have produced better financial results than have ad hoc crisis management.

 

image by Mark0687 at en.wikipedia, Public domain, via Wikimedia Commons

Here is the October 2020 issue of Walker Clark's reading list of recent news and commentary for lawyers and law firms that are interested in the Indian legal market. 

Click here to view and download the October 2020  issue in PDF format.

Rescue at Sea by Ivan Konstantinovich Aivazovsky (Russian, 1817-1900)

 Approximately 60% the world's law firms will begin a new fiscal year on 1 January 2021. Many others will enter the final quarter or trimester of their old fiscal year. Despite the economic uncertainties that confront most countries and most law firms in 2021, there is a lot that you can do to get better business results in 2021, and even in 2022.

But you need to act now.

View on the Pearl River Macao, Eduard Hildebrandt (1850)

Here is our latest reading list, which offer links to the top current news and commentary about strategic issues in the legal services industry: China Legal Horizons.

 

Click here to view and download the July 2020 issue.

iStock image licensed to Walker Clark LLC

The rapid development of the Dark Web and the adoption of new operational modes in the legal services industry, such as working at home, pose substantial new threats to many law firms that might have previously assumed, correctly or not, that they were "immune" from hacking and ransomware.

There are several basic steps that any law firm, or any size and anywhere, can take to reduce the risks.

Banish the phrase "new normal" from your thinking about the future.

 As law firms begin to think about operations after the pandemic subsides, many of their partners have been using the phrase  new normal.  This mindset -- that the future will be just a continuation of the past -- is as risky to the future of your law firm as ingesting bleach or taking ineffective, dangerous drugs to fight a coronavirus.

By Photographer: Pete McBride, U.S. Geological Survey - http://gallery.usgs.gov/photos/10_15_2010_rvm8Pdc55J_10_15_2010_0#.Ur0mcvfTnrd, Public Domain, https://commons.wikimedia.org/w/index.php?curid=30350057

The Colorado River in the southwestern United States and northern Mexico no longer flows into the Sea of Cortez. Instead, due to diversion for irrigation upstream, it evaporates in the desert about nine kilometers away.

Many law firms are experiencing an analogous situation with cash flow during the COVID-19 crisis.

But not all of them.