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Remote Work is Not a Phase in Legal - Mobile Helix

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Remote Work is Not a Phase in Legal - Mobile Helix

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Pundits and bloggers have opined about the fate of remote work in law firms. Views range from "law firms don't change" to "why go back to the office." We wanted to see if there were data on working from home and how law firms fared in 2020 which would tell the story.
Here is our finding.

Pundits and bloggers have opined about the fate of remote work in law firms. Views range from "law firms don't change" to "why go back to the office." We wanted to see if there were data on working from home and how law firms fared in 2020 which would tell the story.
Here is our finding.

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Remote Work is Not a Phase in Legal - Mobile Helix

  1. 1. Remote Work is Not a Phase in Legal Set audio to “Computer” for the demo February 2021 Maureen Blando maureen@mobilehelix.com
  2. 2. Profit Per Equity Partner Nov. 2019 v. 2020 2
  3. 3. 3 Monthly Billing Volume Source: “COVID-19's Impact on the Legal Industry,” Clio
  4. 4. New Matter Volume 4 Source: COVID-19's Impact on the Legal Industry, Clio
  5. 5. Expense Growth 2109-2020 5
  6. 6. Amid 2020 Expense Cuts, Technology & Knowledge Management Were Up 6 “2021 Report on the State of Legal Market,” Thomson Reuters & Georgetown Law
  7. 7. 84% of partners surveyed expect their firms to increase investments in technology 7 “2021 Report on the State of Legal Market,” Thomson Reuters & Georgetown Law
  8. 8. Cost Management ▪ Marketing & Bus Dev ▪ Real Estate ▪ Delay of Associates ▪ Recruiting Costs ▪ Travel & Ent ▪ Furloughs 8
  9. 9. PPP - WOW 9 Loan Amount Business City State Jobs $10,000,000.00 MAYNARD COOPER & GALE, PC. BIRMINGHAM AL 465 $10,000,000.00 DAY PITNEY LLP HARTFORD CT 477 $10,000,000.00 COLE SCOTT & KISSANE PA MIAMI FL 500 $10,000,000.00 BOIES SCHILLER FLEXNER LLP BOCA RATON FL 490 $10,000,000.00 GRAY ROBINSON PA ORLANDO FL 500 $10,000,000.00 GERALD SHAPIRO LLC BANNOCKBURN IL 472 $10,000,000.00 ROBINS KAPLAN LLP MINNEAPOLIS MN 479 $10,000,000.00 FREDRIKSON & BYRON MINNEAPOLIS MN 500 $10,000,000.00 KASOWITZ BENSON TORRES LLP NEW YORK NY 402 $10,000,000.00 THOMPSON & KNIGHT DALLAS TX 476 $10,000,000.00 VON BRIESEN & ROPER MILWAUKEE WI 340 14,363 firms received over $150,000. 36 recd over $8M “Law Firms That Received PPP Loans,” Gerben Law
  10. 10. Attorney WFH Interest Grew ▪ Attorneys – Remote Work Option1 ▪ Pre-pandemic: 37% expressed interest ▪ Currently: 76% favor the option ▪ 85% of lawyers now want to work at least one day a week from home2 10 1.“2021 Report on the State of Legal Market,” Thomson Reuters & Georgetown Law 2. “Lawyers put in 20 extra work days when working from home,” Legal Cheek, Aishah Hussain, January 8, 2021
  11. 11. The Commute Legal workers are saving an average of 85 mins per day ▪ 36 mins extra on work ▪ 49 mins on leisure ▪ 20 more days of work per year from home ▪ 27 gained days in free time 11 Source: Legal Cheek: https://www.legalcheek.com/2021/01/lawyers-put-in-20-extra-work-days-when-working-from-home/
  12. 12. Almost two-thirds (63%) of legal workers are hoping for hybrid-working — a blend of office and remote work Less than 22% would want to work 100% from home. 12 “Lawyers put in 20 extra work days when working from home,” Legal Cheek, Aishah Hussain, January 8, 2021
  13. 13. Need for Disaster Preparedness COVID-19 Variants Floods, hurricanes, snow, fires, earthquakes 13
  14. 14. Lessons ▪ Rethinking of office space ▪ Save 3.5 percent of revenue by renegotiating leases ▪ Most important asset of any firm is its people ▪ Attention to wellness and work-life balance ▪ Importance of staff ▪ Importance of strong firm culture ▪ Sound financial practices: time-keeping, billing, collections ▪ New models of practice, including collaboration ▪ Productivity issues with poor performing attorneys: widespread & costly ▪ In-person still matters 14
  15. 15. Outlook ▪ Expect to be back to “normal” 3Q 2021 ▪ Pre-COVID variant survey ▪ Darwin: The species which survive are the most adaptable ▪ Will law firms change? ▪ US economic outlook is very strong for 2H 2021 (4.2% 2021, FOMC) ▪ Majority of law firms are optimistic about 2021 ▪ Both economic factors & attorney preference suggest that remote work will continue in a hybrid model 15
  16. 16. 2021 Report on the State of the Legal Market Thomson Reuters & Georgetown Law 16 Recommended Reading
  17. 17. Resources with Links 1. “2021 Report on the State of the Legal Market,” Thomson Reuters Institute and Georgetown Law Center on Ethics and the Legal Profession 2. “Was the Pandemic A Tipping Point for Law Firms?” LawNext podcast, Bob Ambrogi Interview of James W. Jones, Senior Fellow at Georgetown and Director of Program on Trends in Law Practice 3. “Lawyers put in 20 extra work days when working from home,” Legal Cheek, Aishah Hussain, January 8, 2021 4. “COVID-19's Impact on the Legal Industry,” Clio 5. “2020 Clio Legal Trends Report” 6. Law Firms That Received PPP Loans, Gerben Law 17
  18. 18. Thank You! www.mobilehelix.com maureen@mobilehelix.com

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