THE ECONOMY AFTER COVID-19, WHAT IF THINGS TURN OUT BETTER THAN WE EXPECT?
People worry about what will happen to the economy after the Covid-19 lockdown. Some say there will be an economic depression. As attorneys, how does this affect us? Some of my coaching clients fear a downturn in business. As a coach for lawyers, I try to get them to focus on what could turn out well. This can be hard because negativity pervades all media. There are always reasons to be pessimistic. There are also reasons to be optimistic. Let’s try spending some time being optimistic and see where that leads us.
What Is Possible?
What if things turn out better than you expect? What if the world comes back from this mess and we are stronger, smarter and more prepared? New businesses dealing with preparedness for infectious disease form. An entire industry is born. New medications and testing make treatments more effective. A new push for cures for deadly viruses creates treatments and cures for other diseases.
For attorneys specifically, more people are doing estate planning; businesses will need help with reorganizations, business formation, tax planning, employment matters and, unfortunately for some, bankruptcies. After bankruptcy, however, people will be out from under their debt, and more businesses will be created. People will travel again; they will go to restaurants; things will return to normal. Yes, we may make some changes to how we do things, but normalcy will return. It always does.
How Did You Make the Best of It?
So, if things will be normal again, how can you make the most of this time? How can you improve your practice? Are you networking, building relationships with people via the web, social media, email, YouTube, etc.? Have you automated your intake process for people who want to retain you remotely via video conference? If the lockdown ends soon, are you proud of what you did while it was going on? If so, great! If not, you can do it now.
Who Can You Ask for Help or Advice?
Something we rarely consider is who we can ask for help or advice. Have you done so lately? Are you embarrassed to ask? What if someone asked you for advice, would you give it? Would you think less of the person or would you be impressed? From my perspective, I am always impressed when potential clients call in need of help. They almost always know much more than I do about certain aspects of business, an area of law or life in general. They just need help making a big decision, formulating a plan or considering options. Successful people do not fear when it comes to asking for help.
If there’s any way attorney coaching can help your business during these tough economic times, don’t hesitate to learn more or contact me at chuck@vertexcgllc.com.