Law firm revenue is taking a nose-dive during the COVID-19 pandemic, according to a recent survey. While this is not surprising as the contagion is wreaking havoc on economies on a global scale, it does have implications for lawyer job security generally and in-house counsel workloads. As is often the case during a significant economic contraction, in-house legal teams are asked to do more with less as outside counsel budgets are slashed while companies conserve cash to ride out the crisis. Continue to be vigilant and own your career, as job dislocations are occurring in-house as well as at law firms. While it is too early to tell, the impact on legal careers looks like it may be greater than the Great Recession following the 2008 financial crisis. Keep your eye open for in-house counsel positions, especially if you are in an industry that may be impacted more heavily than others.
“Roughly 81% of law firms have seen their revenues drop during the COVID-19 pandemic, with 27% of firms in that category reporting they have seen business decline by more than half, according to a new survey by Martindale-Avvo. The dramatic economic impact of the novel coronavirus on the legal industry has come even as 95% of firms report accepting new clients, Martindale-Avvo’s survey of more than 200 legal professionals found.”
Read: Law firm revenue takes nosedive during COVID-19, new survey data shows at ABA Journal – Top Stories