Hey Marketers: Sure, "Law is Recession Proof" (We Hope). But What Does That Mean for Your Role?

Questionable photo choice.

One thing I've always liked about working in or with law firms, especially full-service firms, is that no matter what else is happening around us, some lawyers are always making money. Up markets are great for M&A, IP, and litigation. Down markets are great for bankruptcy, restructuring, and D&O liability (again with the litigators!). At the risk of being cavalier, win-win. 

But have you thought about what external market conditions mean for your role, specifically, in supporting lawyers?

Shifting Sands

Your work may change based on macroeconomic forces. For example, if you support M&A lawyers during a hot market, you probably help with a lot of business development, events, networking, thought leadership, and competitive intelligence.  What happens to your role, however, when the market cools–or even dips into recession?

During down markets, your M&A lawyers may find fewer eager buyers. This means less BD, fewer splashy events, less wining and dining, fewer pitches–and less demand for competitive intelligence.

Notice what's not on that list? Thought leadership. A cooling market is an excellent time to help your lawyers lean into the profile-building activities that support BD when markets pick up.

• Encourage lawyers to (finally) update their bios, author those articles, post on social media (and engage after posting!), and present at CLEs.

• Take trainings to clients.

• Pick up a pro bono effort–and invite a client to join.

• Do 1:1 outreach to clients and referral sources.

  
  

Side Note: During bumpy times, encourage your lawyers to show up for their clients. It's as simple as a phone call: "Hey, how are you? What's going on there? How does it feel at your company? What's the business asking of legal right now?" Clients appreciate being thought of even–or especially–when they don't have work to dole out.

Optics matter. Even if your firm is willing to pay for that golf outing, clients might not feel they can accept.

And remember, optics matter. A down market could mean that even if your firm is willing to pay for that golf outing, clients might not feel they can accept. It can be a bad look for in-house counsel to jetset for a boondoggle while peers are being laid off around them.

Three Ways to Lead

M&A is but one example. As market conditions change around you, prepare to pivot. Demonstrate your leadership and savvy by helping your lawyers pivot, too.

1. Take stock. What are your core responsibilities and tasks? How might they be affected as markets change? What can you do now to prepare?

2. What marketing and BD activities do your lawyers engage in during good markets? How are those activities likely to be affected during economic shifts? Once you've anticipated likely answers, offer your lawyers support in the areas they may not already be thinking about.

3. What attorneys or groups do you support that might slow down? Which might speed up as markets decline? Ask your lawyers now what they anticipate coming for their clients, and listen for ways to help them.

   
   

Show your lawyers that you are thinking about them even when they aren't thinking about you. 

Right now, your lawyers are considering similar types of questions and offering their clients support as markets churn. Chances are, they haven't yet considered what changing conditions mean for their own BD. Show your lawyers that you are thinking about them even when they aren't thinking about you.

Finally, in addition to helping the lawyers you support, ask similar questions on your team to help the group prepare. Colleagues above and beneath you will appreciate your proactive thinking.