By Peter Frankl.
What a shitty situation this is. While there may be things to be thankful for at the moment, there is nothing to be happy about. It is a shitty situation.
However, life goes on and business goes on.
I believe that if your livelihood depends on legal services, particularly in a small general legal practice, then this is something to be thankful for.
Starting with the most obvious: Wills and Estates, which is the cornerstone of so many small practices. This is surely one of those areas of law that is largely disconnected from economic fluctuations. Nothing is disconnected from economic upheaval but the upheaval part will run its course.
Will people still need conveyancing services? Will there still be sales of properties in the near term and ongoing? There has always been and there will always be property sales. In some years there are upward spikes because of specific factors such as interest rates, property developers, immigration and easy finance.
Recent economic downturns such as the GFC have shown that investors retreat to property when shares are considered too risky. Most firms have built their conveyancing practices on the steady bedrock of activity that will continue.
What about litigation, family law, personal injury and other contentious type matters? People and businesses will still turn to lawyers to get their justice done.
Delivering legal services has never been easier with the aid of technology.
While there is nothing to be happy about in the current environment, being in a small legal practice that does wills, estates, conveyancing and family law is something to be thankful for.
Happiness is for another day. Let’s start with being thankful.