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Law Firms Try to Hold On to 2020 Savings
A once-in-a-lifetime pandemic caused once-in-a-lifetime expense reductions that could forever alter the business of law. (See, "Rate Pressure and Rising Expenses Are Expected to Challenge Firms in 2021," The American Lawyer (Jan. 15, 2021) After those cost savings fueled double-digit profit growth for many firms in 2020, don't be surprised if Big Law leaders try to make some of those gains stick. (See, "Early Reports: The 2021 AmLaw 200 Financials," The American Lawyer (March 18, 2021.)
Rising expenses are likely in 2021, especially as vaccine availability increases "and life returns to some version of normal," Citi Private Bank Law Firm Group concluded in a report in February.
The authors also wrote that they "expect to see continued focus on operational efficiency across the industry." And indeed, several firm leaders said they're likely to keep pandemic-related changes in place, and look for other ways to keep that 2020 profit margin intact, even as expenses related to business development and firm events reenter the budget.
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