May Edition 2020

rising costs and a reluctance on the part of clients to pay increased fees. As in 2008, some big names firms will go under. Q: How has the crisis changed the way GC's/companies will engage with law firms? Are there trends you can anticipate? Dr. Silvia Hodges Silverstein, CEO, Buying Legal Council: From research we had recently conducted, we have seen organizations dealing mainly with cutting all non-essential costs, the extension of payment terms and pushing non-urgent work to a later date. Additional tactics include: Q: How are law firms coping, personally and professionally? With advantages and disadvantages to working remotely/from home, how have you found that change? What are the key challenges facing the industry? Danny Collins, CEO, Global Legal Media: Law firms have adapted pretty seamlessly and quickly to the new conditions and I suspect that many will have found additional productivity in the absence of a commute. Of course, the emotional impact of the virus is a different matter and firms should be aware of the need for additional support for all staff. 20