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The world was thrown for a loop in 2020 and law firms were no exception. In many respects, 2021 has law firm leaders and in-house counsel still feeling uncertain. The global COVID-19 pandemic forced lawyers — individuals whose relationships formerly depended upon firm handshakes and looking their clients directly in the eye — to build client trust through a tiny camera lens. Law firms, traditionally slower to adopt technological advancements than their counterparts in other professional services industries, quickly rose to the challenge. Digital signatures, videoconferencing, and remote court appearances allowed the business of law to continue in what is now considered the new normal.
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By Anthony Davies
Service “‘bundling” provides economies of scale, lower overheads, a single point of contact and a single invoice at the end of each month. However, the bundling of services to create a single multi-service provider may now be hurting firms who are increasingly looking for specialization, especially with regards to onsite workplace experience services.
By Jaimie B. Field
a customer is someone who buys something from you once, while a client is someone who keeps coming back to you over and over again. And that subtle difference is what makes a lawyer just a lawyer and one who becomes a rainmaker.
By Andrew Maloney
Firms have been especially deliberate during the pandemic to increase the number of touch points they have with existing business, deepening ties with their roster of current clients by referring matters across practices and rewarding partners for that kind of origination. But with marketing spend surging and clients increasingly willing to move work around, Big Law firms’ incumbent advantage could begin to wane.
By Dan Packel
There’s no doubt that much of the legal industry’s profit gains are simply the result of surging demand. But smart firms were also able to harness booming demand to push through rate increases, owing to clients who were desperate to see their deals go through. There’s no doubt that the firms taking advantage of this confluence are in an enviable position. That doesn’t mean they are sitting on their laurels.