Highlight: COVID-19 as a 'crisis-tunity' for legal service providers

One Service Provider Award winner was launched off the back of a boutique firm's client feedback

Highlight: COVID-19 as a 'crisis-tunity' for legal service providers

The COVID-19 pandemic’s impact has largely been seen as negative, but for legal service providers, it’s been a “crisis-tunity,” especially for 2022 Service Provider Award winner Quantum Cover.

The company was launched by 2022 Rising Star Zile Yu, who founded 2021 Top Boutique Firm awardee Quantum Law Group. According to Yu and partner Justine Zhou, Quantum Cover was established in 2021, well into the pandemic, off the back of feedback from clients who were seeking “an all-encompassing long-term and fixed-fee solution for their businesses where they can set and forget.”

Zile Yu was recognized as one of this year's Most Influential Leading Lawyers in Australia. Learn more about the winners here.

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“COVID-19 has changed the business landscape in Australia. We see the pandemic as a ‘crisis-tunity’. More and more, businesses are requiring a more cash-flow-sensitive approach to legal solutions that are payable in monthly instalments rather than as a lump sum legal matter. While this has affected more traditional legal service providers, Quantum Cover was founded because of this opportunity identified from the pandemic,” Yu and Zhou said.

In the current environment, clients expect “more hands-on legal assistance through a longer time frame and life cycle, rather than ad hoc legal advice for specific matters” because they have become more cash-flow sensitive.

The pandemic also gave recruitment firms a chance to be creative.

“During the pandemic when active roles were scarce and lawyers were very cautious about moving, we were able to create some creative solutions for clients, which maintained our relationship with them, provided them with the best lawyer in the market for the role, and met their and our commercial objectives,” Naiman Clarke managing director Elvira Naiman said.

Quantum Cover and Naiman Clarke are among the 2022 Service Provider Awards winners. The full list of winners was announced last week.

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