Reported via Lexblog…..
To help the legal community better navigate through our current uncertain, Intapp is fielding a regular study to understand — in near real time — how law firms are responding, and then sharing best practices and findings with the broader professional services community. These findings represent the views of top law firm leaders in the largest global law firms.
Here are the takeaways. They won’t come as a surprise to anyone but the severity of the numbers are making us all sit up and take notice
Current research indicates a shifting landscape:
- A majority of firms now expect to feel moderately severe impacts to operations, including a moderate reduction in demand lasting anywhere from 90 days to 6 months — a time horizon that has slowly extended as the pandemic evolves.
- More than 8 in 10 law firms are now seeing shifts in demand for legal services. Increases in demand for recession-associated practice areas (labor, employment, estates, bankruptcy, etc.), and decreases in other practice areas (corporate litigation, M&A, real estate, finance, etc.).
- Nearly two-thirds of firms report lowered employee morale as one of the significant consequences of the pandemic. To date, respondents tell us that budgetary and spending changes are more prevalent than reduced partner distributions or shrinking headcount.
Read the survey dtails here. https://www.lexblog.com/2020/04/27/law-firm-leaders-report-lower-morale-and-now-expect-longer-covid-19-impacts/
