Playing The Long Game: Four Lessons From Past Crises

COVID-19 is a novel coronavirus, but economic downturns are nothing new. As the world continues to adapt to the pandemic's repercussions, law firms can turn to past economic crises for some lessons about what they might expect and how they might capitalize.

1. Some Practice Areas Heat Up
   When the economy falters, litigation, restructuring and mergers and acquisitions historically see significant upticks. You might suspect that transactional work would drop off, but that is not necessarily the case. Market swings, governmental stimulus packages and regulatory adjustments can drive transactions. It may pay off to invest in building or expanding your firm's capabilities in one or more of these areas.