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Technology Investments for Law Firms Moving Forward Post-COVID
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.
All of this points to increasing technology investments and, unsurprising, the Cushman & Wakefield survey also predicts a 10% increase in technology investment across firm size. 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 are some specific ways firms can capture these benefits.
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