2022 Bright Insight

IMPACT OF THE PANDEMIC LARGELY POSITIVE, BUT MIXED Beyond positive revenue outcomes, 85% of respondents believe that the global COVID-19 pandemic, directly or indirectly, positively impacted their • While acknowledging their great financial success during the pandemic, law firm leaders have expressed significant concern about the negative effects of remote

businesses. Many believe some of the forced changes imposed by the pandemic were long overdue, enabling them to accelerate changes that were already very much in evidence. • The success law firms achieved in a remote work environment with extraordinarily high demand has led to an even greater re-evaluation of their business models. • The pandemic has also forced law firms to look more closely at the bottom line and individual lawyer productivity. A potential byproduct of this review may have accelerated attorney retirements, which was cited as the top reason for lawyers leaving their firms in 2020 and 2021.

working to law firm culture, training, mentorship, collaboration, overall wellness of all personnel and the ability to attract new clients.

85% of respondents believe that the global COVID-19 pandemic, directly or indirectly, positively impacted their businesses

• For many years, law firms have tended to move in lockstep with

each other, particularly with respect to talent and firm policies. Since the pandemic, we’re now seeing firms chart their own course to a much greater degree, establishing hybrid work policies that are most suitable to their firm’s particular needs and circumstances.

Overall, do you believe COVID-19 has had a favorable impact on your firm?

NO 1%

No, it has devastated our firm

NO 14%

No, it has not been favorable for our firm

YES 20%

Yes, it has had a favorable impact on our firm

YES 65%

Yes, it has had a favorable impact on our firm but also caused some problems

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The 2022 National Legal Sector Benchmark Survey Results