threats to law firms

[Florawilliams]

Hi, i have a video interview and am preparing the question on threats to law firms

can anyone help me on the threat of covid-19? i was going to say the uncertainty in the market means less deals in the ECM, DCM, banking teams. but not sure if this is true anymore? thank you so much!

 

[Florawilliams]

or perhaps the impact of the Us-China trade war? really stuck!

 

[Jaysen]

As you said, if corporate clients are holding off deals in particular sectors as a result of the current uncertainty, it could lead to fewer deals in some of those areas or place a downward pressure on legal fees. That may be a challenge for firms who aren't well hedged in the current circumstances (e.g. because they lack practice areas that do well in times like this to offset less activity). I'd flag that COVID-19 will be a very popular answer to this question though. It doesn't necessarily mean you can't mention it, I'd just be very specific as to why it's a 'threat' to law firms.

If you want to mention the US-China trade war, you'd need to think about why that's a threat to the particular law firm now.