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Great initiative!
I agree a “partner bowl” is a great addition—instead of just giving advice, we can also get some good advice. While the pandemic is clearly unprecedented, like crises before it, it still leads to practice areas that are “winners” and those that are “losers.” Ideally, one is in a “winning” practice area at the outset but the biggest question is the flexibility and versatility of the firm. For better or worse, I’ve seen an understandable trend of firms that aren’t really in those “winner” practice areas, like healthcare, claiming to be so — sometimes successfully. That’s the entrepreneurial spirit at work!
Bowl Leader
Partners - curious as to what is happening for everyone now that we’re almost through May. I am in an area that is mostly support to M&A, real estate and lending. I had enough in the pipeline to stay busy enough through April, but haven’t seen a “new” deal since end of March. I’ll only be billing about 50% of my typical hours in May. How is everyone else doing in May (busy/slow) and thoughts for what to expect in June?
I’m in a larger one state firm with a business focus. We are seeing residential real estate and residential RE development continue but are worried about commercial outlook as WFH and decline in retail may accelerate a demand in commercial properties.
My clients are medium to large family and closely helds. They are definitely tightening their pocketbooks and cutting back on spending.
Overall we are forecasting a 20% decline in fee revenue for the year.
Our niche is property insurance claims, plaintiff side, in Gulf states. It’s cyclical (think hurricanes) but recession-proof.