Strategic Downsizing in the Time of COVID-19
Interview with Shawn McNalis, Shareholder, Practice Advisor Trainer, and Curriculum Director at Atticus, on how law firms are responding to the COVID-19 crisis, strategic downsizing, and how they can change their organizations to go from struggling to survive to thriving during an economic downturn. Q: This is a very stressful time for many. The Coronavirus has ground the economy to a halt and created a lot of uncertainty. How are law firms managing the crisis? A: No one is handling this well. How they manage depends on how vulnerable they feel they are. Those who have a large financial cushion, a lot of files in their WIP, and the ability to operate virtually are the most secure, though the unpredictable nature of this crisis has them nervous as well. Firms that have no financial cushion, not a lot of work to do and who struggle to operate virtually are the most vulnerable. They will get help in the form of disaster relief loans, but that is also a confusing process. Q: Many firms are having to make tough, and often emotional calls. Some are considering reducing their operational overhead through layoffs and furloughs. What is the best advice you can give? A: Put the people...
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