Post #846 – May 15, 2020
When Your Chosen Industry Falters
After writing about the need for law firms to establish an industry focus for some time, I received the following question from an industry group leader:
I have been following your stream of articles on the merits of having Industry specialization — which I agree with. But what happens if the industry that you happen to have selected, like retail, is now being decimated by the coronavirus pandemic?
Retail is among a number of industries that are experiencing severe stress, previously from the trade wars and now largely due to the shuttering of many brick-and-mortar stores due to the ongoing pandemic. Indeed, we are currently witnessing something akin to collapse in the clothing apparel retail segment, with J.Crew, Neiman Marcus, and Bergdorf Goodman all filing for bankruptcy. While these business failures appeared to result from a dramatic and immediate reduction in demand, other factors were largely observable and predictable to anyone monitoring developments in the retail industry.
So, in response to the industry group leader’s question, my follow-up would be: Have the members of your industry group monitored and discussed (especially during monthly industry group meetings) the evolving trends that are impacting their chosen industry?
Along that same theme, here are a few strategic recommendations that I would offer to any industry group: https://lnkd.in/gJrNyhf