For most law firms, last year was a record year for the unexpected—facing disruptions on an unprecedented scale and then scrambling to quickly adapt to drastic market changes posed a huge challenge. In the wake of COVID-19, law firms weren’t prepared for what came as a result. Once their IT infrastructures were updated to fully support remote work, technology helped legal professionals virtually meet and conduct business with clients.
But a harsh reality, however, is that a significant number of business law firms had to adopt cost trimming measures due to a drop-off in demand for their services, save for bankruptcy and reorganization work. These included decreased partner draws, layoffs and pay cuts to furloughs and other cuts.
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