Making the best of black swan events

• Firms that know what their clients truly need—and how to provide it—can position themselves as the trusted partners that clients turn to in times of turbulence.

Given the backdrop of Brexit and the US elections, law firms expected uncertainty and turbulent change in 2020; yet the global breakout of COVID-19, which many commentators have termed a ‘black swan event’, was to overshadow all other concerns. With the country in lockdown, clients turned to their legal advisers to help their businesses adapt and navigate the disruption brought on by COVID-19, and the significant role legal advisers can play in adding greater value to clients beyond routine legal matters became apparent.

Adding value

Requests for information and help came through daily from clients at the height of the lockdown last year, and those firms that could respond by servicing these via workshops, bespoke client notes and more, will have strengthened their relationships