As the world emerges from the COVID-19 pandemic, lawyers and law firms will need to adapt to stay competitive. Law firms will change their business practices and shift their areas of focus, such as the small firm I saw that has stopped marketing its real estate practice entirely and started promoting its bankruptcy practice. Attorneys will need to be nimble to follow career opportunities as they arise. I recently spoke to an IP attorney who left his large law firm to open a solo practice when the economy was thriving and later joined a small firm as of counsel to supplement his income.
Lawyers and law firms also will increasingly consider forming joint ventures and strategic alliances. Joint ventures and strategic alliances can take various forms, but at their core they are contractual business relationships where each party is incentivized to help the other. While some joint ventures and strategic alliances are matches made in heaven, others, unfortunately, lead to frustration, conflict, and loss. Maintaining a successful joint venture or strategic alliance can be hard to do, and the process begins earlier than you might think.