COVID-19-related slowdowns could find many businesses engaged with bankruptcy or restructuring proceedings. But whether or not that translates to an uptick in bankruptcy tech sales from law firms still remains anyone’s guess. While many law firms will likely be devoting more internal resources to their bankruptcy practices, there’s no sure signs that they will flock to the platforms en masse.
To be sure, there are some factors that Ed Walters, CEO of legal research company Fastcase, believes could bolster the adoption of bankruptcy tech among firms. Fastcase acquired NextChapter, a cloud-based software for preparing complex bankruptcy forms and filing them in court, in September 2019. Walters predicts that similar products will be in sudden demand by small firms who need to fold bankruptcy related services into their practice to meet the needs of clients hit hard by a COVID-19 economy.
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