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15. For Clients & Lawyers: Economic Downturn and Legal Services
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In this special episode directed at both lawyers and their clients, Geneve and Phyllis discuss how an economic downturn can impact the legal industry and share their suggestions for clients and lawyers to prepare for it.
Phyllis and Geneve offer these insights about the legal industry during an economic downturn:
Expect potential changes in legal services during economic downturns: some clients might prioritize other expenses during a downturn, but others may become more creative and see opportunities to acquire assets.
How clients can take advantage of the downturn: lawyers may be more open to flexible work, so clients can "shop around" for the best fit in terms of services and fees. Clients may also want a legal team that focuses on proactive strategy.
How lawyers can take advantage of the downturn: lawyers should expand horizons, learn new topics, become more familiar with clients' businesses, be flexible with pricing, and have frank conversations with clients about fees.
Tips for clients: evaluate lawyers differently, interview existing and potential lawyers, and involve lawyers in the creative structure of deals.
Tips for lawyers: be flexible with time and fee structures, proactively meet with clients to discuss deal structure and fees during the downturn, and examine your business for efficiency.
Stay positive during economic downturns: opportunities can arise from crises!
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