As the law adjusts to social and political changes, legal professionals must also do so. These changes also affect law firms, so the latter should be ready to make adjustments. This is especially true for small law firms and solo practitioners who usually work under smaller margins than big firms. But, as small firms benefit from greater agility, they can pivot quickly to capitalize on swift legal changes. Keep reading how the COVID-19 pandemic is changing the legal landscape:
Impacts on the Economy
In terms of the legal professional, sudden changes in some areas of law will be seen. While some areas may diminish, others will spike. Lawyers are currently seeing a hurried demand for updated wills, estate management, and trust planning for coronavirus victims. Surveys show that there will be increasing bankruptcy law cases, worker’s compensation, unemployment law, health care, and other general litigation. Also, there will be an increased need for defense attorneys who will take on the wave of insurance, foreclosure, and mortgage, as well as class actions, small business, personal injury cases, and medical malpractice.
As with other sectors of the economy, the legal professional is also affected by technological advances. With the digital transformation continuing to shift the legal landscape, the relationship of attorneys with tech also changes. From electronic filing to social networking, lawyers are embracing technology. They use it for staying connected, representing technological innovation, and improving efficiency.
Maintenance of Work-Life Balance
These days, more and more people, especially newer generations, are looking for job opportunities that offer them flexible schedules and a comfortable working environment. This makes it important for firms to welcome a multi-generational workforce as they grow. Today’s employees are expected to be more productive in workplaces that allow them to telecommute and work at their chosen schedules.
The Need to Restructure Billing Schemes
Small firms are structuring their billing schemes to improve client-attorney relationships and promote healthy long-term growth. To better serve clients and help staff distress, firms are exploring flat, capped, or flexed fees. Also, legal professionals are responding to legal assistance that alternative non-lawyer resources offer. With the increasing competition in the market, firms are compelled to reconsider and restructure their costs and billing schemes. By restructuring billing, firms can make cost adjustments that offer more affordable options for a range of clients.
Amid the current global pandemic, small firms and solo practitioners in the legal landscape should stay up-to-date in trending legal fields. They must proactively adjust to coming changes to gain a competitive edge in the evolving field.