The novel coronavirus (COVID-19) pandemic has resulted in a significant loss of business for many lawyers and law firms. Certain practice areas have been hit particularly hard, and many companies are not spending because they do not have a clear picture of what the future holds.
Whether you represent individuals regarding estate planning or you represent businesses in contract negotiations and intellectual property (IP) matters, if your billable hours are down as a result of the COVID-19 crisis, you might be thinking about branching out. Or, maybe you have identified an opportunity outside of your practice’s normal scope, and you want to position yourself at the forefront of an emerging area of the law. In either case, you are thinking about expanding your practice, and you are wondering: What are the considerations involved?