Coping with an economic downturn

The economic news is, to put it mildly, not good. Because so many businesses are on hiatus due to the COVID-19 pandemic, because others that are open are nonetheless starving for business, and because we are living in a time of massive uncertainty and economic markets detest uncertainty, we’re in tough times already and facing more of the same.

While forecasts are inherently uncertain, it appears that we’re moving toward a global economy that is, at least in the short term, even worse than the Great Recession that kicked off in 2008. So how do you cope?

Today, I’d like to share a report I wrote in 2009, titled Seven Secrets Every Lawyer Must Know to Thrive… Even in a Recession. While not all of the report remains on point for our current circumstances (Secret #4, which urges that you network and follow up, contemplates mostly face-to-face networking, for example), the principles still apply.

Leadership assumes particular relevance these days. In times of uncertainty, people look for leaders: nationwide, among colleagues, for clients and other business contacts, even among friends. If you’ve been watching the news at all, you’ve seen a variety of leadership styles and can make your own judgments about which are most effective.

Next week’s blog post will share some leadership tips that you can apply right away. In the meantime, I encourage you to continue thinking about current circumstances and the forecasts for coming changes will affect you and how you can adapt so that your clients and your own practice have some opportunity to deal with the changes we’re all facing. And check on the people who matter to you. Even a quick “Hello, I’ve been wondering how you’re doing” email can open conversation.