It certainly is a unique time in which we all find ourselves. Hopefully you and your family are doing fine.
Even before the threat of the virus, in October of last year, we had noticed the increased availability of interim legal counsel in our network. As is often the case, this can be an early sign of a declining demand due to a shrinking economy. For several weeks now, the whole of the EU (and the world) has been under the spell of the coronavirus. Whilst we are all gradually adjusting to the new reality, increasingly we are asked what impact the COVID-19 crisis has on the legal interim market. This question is difficult to answer unambiguously.
What we have seen in the past, a sentiment which is echoed by our colleagues worldwide, is that in times of great change in the market, the demand for interim lawyers shifts. Not always immediately, but after a period of adjustment, the demand for interim legal counsel appears to increase. One common explanation is that in times of crisis, priorities shift, and as more time is spent on bigger issues, the day-to-day work and policy implementation fall to the wayside. In these cases, interim lawyers can assist with the backlog of work or help with niche projects that arise due to the crisis at hand.
We expect to see this trend repeat itself again—not tomorrow, but within the foreseeable future. Throughout this period of uncertainty, we are watching the market and maintaining contact with the legal community. When the market improves, we are ready to help you get those “interesting” assignments completed.
As we all know, there are quite a few differences within the EU in the way interim lawyers/legal counsel can and are hired. Don’t hesitate to reach out to one of us if you are considering using interim lawyers. We will guide you in finding the best possible matching interim solution.
Stay healthy and let's keep in touch.