Merely higher risk matters are quickly becoming old hat.
Clients are showing deep concern for a whole new kind of risk — part of it is esoteric and abstruse while the other part is just overwhelming. And the stakes can be a lot higher than being forced to overpay for a company you may not want to buy.
Top legal decision makers are now living in an age of pop-up improbability. So many seemingly improbable events crop up in so little time. But, anyone managing risks knows there is a highly probable occurrence of improbable events. Here are the risks clients are worried about:
- Spikes and increases in COVID-19 variants
- Taiwan — especially in Tech and Financial Services
- Abortion rights travel
- Economic downturn
- Loss of infrastructure
- Supply chain failure (related to Taiwan and China)
- Geopolitical risk
- Sudden regulatory change
- Economic surprises
Improbability is the new buzzword jumping into the client lexicon. And there is a high probability occurrence law firms can help clients think these things through. Most clients are sharing their thoughts on these issues with their Boards.
Not All Pie in the Sky
In addition, 27% of corporate counsel harbor clear concerns about getting all their work done. Workloads remain at peak levels. At the same time, in-house counsel turnover rivals all-time highs. These clients are looking to boost productivity and streamline their approach as a top priority. They know they can’t afford to let anything fall through the cracks.
Clients want to resolve their litigation; this eliminates risk and work needing to be done.
Despite All This
Clients are working on better supporting business units and driving growth through more anticipatory legal strategies. And they are trying to get to know business unit leaders. They are supporting growth.
The firms and attorneys who can lend a hand — or better yet an idea to help clients break through — are best positioned to develop relationships and get new business. Every client concern is an opportunity to connect, reconnect, build, rebuild, and deepen a relationship. Your ideas get you the relationship — and relationships get you the business.
The legal world is awash with opportunities to connect. Take advantage while you can.
Best in the market ahead.
The Mad Clientist