ABSTRACT
Professional services firms face evolving client needs and can better meet these needs through digital transformation. We offer the case of Clio, a leading provider of cloud-based legal technology for law firms to better serve their clients. With the onset of COVID-19, the company recognized that remote client access and services, previously embraced by early adopters, would now become essential for all law firms' survival. The company's response resulted in dramatic growth and the transition from a customer base of early adopters to customers spanning most of the innovation adoption curve. Clio's success throughout this period is attributable to three core elements of the company's strategy: (1) Deep, culturally-rooted commitment to customer success, (2) Research-based understanding of the needs of both law firms and their clients, and (3) Industry thought leadership and assistance. These elements generalize beyond Clio and the pandemic and will help guide any organization seeking to become not just a vendor but an essential partner to its customers. © 2022 IEEE Computer Society. All rights reserved.
ABSTRACT
We study the effects of COVID-19 intensity on equity market liquidity across U.S. states. We exploit cross-sectional variation in cases and deaths to investigate any association with the deterioration of stock liquidity of firms whose headquarters or operations are in the corresponding state(s). Our motivation stems from several underlying economic channels such as order processing costs, inventory costs, and adverse selection costs. We find strong negative relations between pandemic intensity and various intra-day liquidity measures. Our results are more pronounced for firms operating in states with more stringent containment and health measures and within industries with greater risk exposure.