2022 Bright Insight

CONCLUSION

The contrast between 2021, where we are today, and expectations for the future couldn’t be more striking. One thing is certain, however. The legal sector is breaking away from the traditional mold of a one-size-fits all model. Law firms are being more strategic about what is best for their own firm, their people and clients. And with less concern about what other competitors or peers are doing, firms are customizing and implementation solutions. Despite the longer-term focus reflected in many of this year’s survey results, the present environment also demands attention. Are the financial and key issues currently impacting workplace, technology and real estate decisions in 2021 a reflection of the moment, an aberration not to be repeated? Is the slowdown we’re seeing a short-term adjustment, or a reflection of longer-term forces that will have lasting effects? Are we headed for a recession and, if so, when? The 2022 Bright Insight report attempts to put these dynamics in perspective.

ENDNOTES 1

Statista; GlobeNewswire; BRC 2 Statista; U.S. Census Bureau 3 Wells Fargo Private Bank Specialty Group Survey

4 U.S. Bureau of Labor Statistics 5 U.S. Bureau of Labor Statistics 6 U.S. Bureau of Labor Statistics 7 https://www.law360.com/legalindustry/articles/1478976/attorney-lateral-hiring-in- creased-111-in-2021 8 U.S. Bureau of Labor Statistics 9 U.S. Bureau of Labor Statistics 10 https://mcca.com/wp-content/uploads/2021/12/2021-MCCA-Law-Firm-Diversi- ty-Survey-Report.pdf 11 http://www.talent2025.org/uploads/files/Chief-Diversity-Officer_1218_FINAL.pdf 12 https://www.reuters.com/legal/legalindustry/law-firm-diversity-chiefs-gain-num- bers-influence-2021-07-07/ 13 https://www.reuters.com/legal/legalindustry/law-firm-diversity-chiefs-gain-num- bers-influence-2021-07-07/ 14 According to data submitted by 197 law schools to ABA. https://www.abarequired- disclosures.org/Disclosure509.aspx, accessed April 28, 2022. 15 The top 10 legal sector markets are: New York City, Chicago, Washington, DC, Los Angeles, Atlanta, Houston, Philadelphia, Dallas, San Francisco and Boston

32 Legal Sector Advisory Group | ADVISING FOR EXCELLENCE