What lessons can we learn from the 2008/09 financial crisis to help law firm leaders manage the escalating disruption of the coronavirus outbreak ravaging populations and crippling economies? Every crisis is different and this one is very different and it’s no use merely fighting the last war. Nonetheless, in terms of dramatic economic upheaval and rolling uncertainty, the impact of the banking crisis shares some common ground and there are some principles that hold good for any financial crisis.
The first principle is that if you’re the leader when a crisis strikes, you need to act like one. My experience as senior partner of Allen & Overy during 2008/09 was that a crisis will probably define you in that role, for better or worse. There is nowhere to hide, so don’t even try; this is showtime and you are centre stage. Put yourself out there so people know someone with calm assurance is in charge.
