Résumé en français : Au cours des derniers mois, nous avons constaté que les décisions économiques de l’administration Trump génèrent des incertitudes et de potentielles perturbations majeures pour les entreprises à l’échelle mondiale. Nos clients n’ont pas caché les répercussions financières que ces politiques, ont déjà eues sur leurs propres clients, et par conséquent sur l’activité de leurs cabinets. L’objet de cet article est de proposer quelques conseils concrets que tout cabinet peut appliquer, quel que soit son lieu d’implantation ou son domaine de pratique, pour protéger son portefeuille existant et même élaborer une stratégie de croissance face aux nouvelles opportunités qui émergent.
Over the past few months, we have analyzed how the Trump administration’s economic decisions are producing uncertainties and the potential for significant business disruption around the globe. Our clients have made no secret of the financial impacts these seemingly chaotic policies have already had on their clients, and consequently, the business of their firms. In response to the recent conversations we have been having with long-time clients of Walker Clark around the world, we wanted to offer some supportive advice any firm can use, regardless of location or practice focus, to protect their existing book of business and even strategize to grow from new opportunities emerging.
Identify an In-house Trade Law Expert.
As we discussed in the previous blog posts, the Trump administration’s preferred method of engagement in trade issues is tariffs. This has created a need in all law firms to identify an internal expert who can devote their time and practice to watching the minute-by-minute changes in trade wars emerging because of Trump’s threats, executive orders, and the potential for reciprocation by major economic powers and blocs. Tariffs and border regulation changes are complex, and your firm needs a shepherd your clients can trust to allow them to safely move products across the border with minimal disruption and cost. The more your firm can adapt by offering an expanded capacity to handle matters impacted by trade regulation changes, the more your firm will be seen as an invaluable resource that your client will want to walk alongside. This might be an excellent role for one of your firm’s associates.
Corporate Litigation.
Trade law changes and new tariffs are guaranteed to generate more court cases and negotiations. Ask your firm : Is our litigation team ready to jump into this fray ? Many firms with strong litigation practices may find that developing an expertise in mergers and acquisitions and regulatory compliance can open new channels of business for your firm. As more and more companies decide to push back against the regulations or need to negotiate an alternative outcome for their company, consider how you can let existing clients and potential clients in the fields most affected benefit from your representation at the negotiating table or in the courtroom.
Strength Through Planning.
One of the unofficial mantras at Walker Clark goes something like this : Even a bad plan is better than improvisation.
Now we see the wisdom of this adage more than ever ! Your firm can harness these market fluctuations by taking inventory of your firm’s internal policies and procedures. Is your firm vulnerable to risks or unnecessary, arguably retaliatory, scrutiny ? How will you address those potential vulnerabilities ? A clear plan to communicate your position as a firm, the skills you bring to the market, and your commitment to the highest ethical standards will inspire confidence in an uncertain time.
This plan of action should extend to your professional partners and the clients you serve, as well. For certain specialized matters, consider outsourcing to a trusted partner as part of your plan to prevent disruption of service. Walker Clark just released two podcasts about of knowing how to factor outsourcing of carefully selected legal service functions into your business plan. You can find a link to Part 1 here and to Part 2 here. If you create similar resources as our blog series on the impacts of tariffs, circulate them to your clientele to educate them about what they can expect from the market and what they can expect from you as their attorney.
Alternate Revenue Streams.
One of the best ways your firm can strengthen its presence in uncertain economic times is to analyze and diversify your client base. It is particularly important to review how many of your clients are largely dependent, directly or indirectly, on U.S. government funding. As the Trump Administration continues to prioritize cutting jobs and eliminating governmental departments and programs, your firm will have to assess whether or not some of your clients will be in operation this time next year.
If your firm finds gaps in revenue production, consider what other potential clients or business sectors need similar representation. Ask : Can our firm turn this into an opportunity to break into a new market by advertising our skills to other clients we haven’t had capacity to support until now ? Leverage the bandwidth you experience to begin building those relationships and offering your services.
