Without a doubt, COVID-19 has affected every industry imaginable. The legal sector is not spared from its wrath. Law firms have to adapt to the new normal. In this article, we’ll talk about some of the things that will happen to law firms as a consequence.
- The Rise of Virtual Offices
The new normal entails building a virtual presence. With the inability to pay rent, many law firms are either closing or moving to more affordable locations. Another good solution is to have a virtual office. It leverages technology to sustain the daily operations of the firm. People can work anytime and anywhere while having a prestigious business address that can be used for receiving correspondences. These will also facilitate no-contact consultations.
- Use of Legal Billing Software
Even before the pandemic, using law firm billing software has been a popular move to improve business operations. With the way things are going these days, such software can be more useful. It allows sending invoices digitally. This can also provide clients the ability to settle their payments online for convenience. These changes in handling billing management are must-haves in surviving the new normal.
- Remote Work Will Be More Common
The new normal gave rise to the popularity of remote work. While the latter is a concept that has been embraced by many companies in the past, it is only because of COVID-19 that it became almost mandatory. Law firms have to adapt by investing in systems like law practice management software to allow remote work. With tools like video conferencing and internal messaging, this will make it easier to communicate and collaborate even when working in remote locations.
- Outsourcing Legal Services
To scale and stabilize amidst the uncertainties, law firms are turning to outsourcing. As a way to manage financial losses brought by the pandemic, many legal service providers are faced with no option but to lay-off some employees or find cheaper alternatives to sustain its daily operations. This is where outsourcing enters the picture. From marketing to accounting, law firms can save money by shifting to outsourced services instead of having an in-house team. This way, law firms can continue operations without exhausting their financial resources.
- Changes in Compensation Systems
Law firms all over the world are suffering. To survive, companies need to institute radical changes, and that includes compensation. Firms may rethink their payment structure. Sadly, this means that lawyers may end up being paid less than their lucrative salaries before the pandemic. Generous bonuses may be limited. The financial repercussions will most likely be felt from the top to the bottom.
From the rise of virtual offices to changes in the compensation system, this article talked about what the new normal will look like in law firms. There will be lots of changes, which will be necessary for survival in the time of uncertainty.
