COVID-19 Supply Chain Response Plan for Law Firms
The COVID-19 virus is challenging law firms, in terms of both health and economic impacts. With the support of their procurement functions, however, firms can navigate the supply chain issues they face in the immediate environment, as well as prepare for ongoing expense management as the legal industry emerges from the current situation.
First, the good news: in several ways, the legal sector is better situated than many. Legal professionals have a lower risk of virus exposure than many other professionals, according to the New York Times; law firms have a relatively evolved remote working environment, to facilitate a firm-wide work-from-home mode; and firms' supply chain is mostly regional or local, with limited critical items.
Nevertheless, the current and future challenges are very real. HBR advocates a three-step approach for law firms and their procurement teams managing their supply chains and expenses in the new environment:
- Align with the firm's immediate needs, including work-from-home
- Understand vendor terms and flexibility; proactively identify expense management opportunities to support potential firm needs
- Implement an expense management program to proactively counter an anticipated business downturn
Our COVID-19 Supply Chain Response Plan for Law Firm provides guidelines releated to each of these steps.