Technology Investments for Law Firms Moving Forward Post-COVID
We're never going back the way we were — and this will be to the benefit of firms, profitability, clients and lawyers if we make the right technology investments. Here's some specific ways firms can capture these benefits.
September 11, 2020 at 10:30 AM
8 minute read
This article appeared in Cybersecurity Law & Strategy, an ALM publication for privacy and security professionals, Chief Information Security Officers, Chief Information Officers, Chief Technology Officers, Corporate Counsel, Internet and Tech Practitioners, In-House Counsel. Visit the website to learn more.
Our forced experiment in change and technology adoption we are all, for better and worse, participating in can pay dividends: lawyers like their new, flexible work from home capabilities. In fact, most (67%) report they would like their job to stay remote once it's safe to return to the office, even if it's only a few days a week. (See, "Loeb Leadership COVID Survey Findings Report.")
A substantial benefit to a revisioned workforce is real estate reduction. Firms spend approximately 6% – 8% of gross revenue on real estate costs in major metropolitan areas. The new Cushman & Wakefield study on the ripple effects of COVID posits that law firms might be looking at a long term 40% reduction in 'in-office' personnel — which means real estate. (See, Cushman & Wakefield Bright Insight 2020). This "right sizing" of the legal sector, that currently occupies two to three times the square footage per employee than other industries, is a sector correction that is long overdue. Ibid.
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