No one truly knows what tomorrow will bring, and certainty has gone out the window in the face of the COVID-19 crisis. It snowed on April 17 in Chicago, so truly, the world is a bit askew these days.
Notwithstanding the complete slow-down in certain segments of the legal industry, real estate, corporate transactions, etc., litigation, restructuring, insurance and contracts are going gang-busters. And that is despite the fact that all courts have virtually shut down except for the most immediate and exigent matters.
Though many customers, anticipating the onslaught and fearing the future, may be turning to their traditional firms now to try to get ahead of the curve, the majority of companies are going to be facing reduced legal budgets and possibly reduced staff. It's our prediction that this is the exact time that companies will turn to law companies like Elevate and other service providers who can help them get their arms around massive numbers of contracts quicker with AI and technology, or can help them by providing flexible resources.
Our value proposition - ElevateNext + Elevate for more efficiencies, better outcomes and substantially lower costs, was made for this environment. Is your firm ready?
The novel coronavirus has halted a lot of work and thrown every industry into flux, sending clients flocking to law firms seeking legal answers and battle plans on the topics of restructuring, insurance, employment, contracts and general liability. “The problem is that there's more uncertainty around this crisis than there was over the ones in the past,” Califano said. “Here, nobody really knows how long this is going to last, what the impact is going to be, and also what society's going to look like on the other end.” All of this uncertainty — and the planning it requires — heralds a boom in litigation and other actions weeks or months down the line, according to attorneys and legal industry watchers.