While small legal firms appeared to have weathered the pandemic crisis effectively, a recent Thomson Reuters Institute analysis suggests that significant concerns remain.
According to a survey, the amount of time small law firm lawyers spend practicing law has plunged to a new low, with lawyers stating that they spend only 56% of their time doing so, down from 60% just a few years ago.
The increased workload involved in maintaining their law firms’ administrative activities and trying to win new client business accounts for a large part of this decline. Indeed, the top two problems cited by small firm lawyers are administrative constraints and client acquisition.
Despite this, small law firms are positive about their chances for continued expansion, with the majority of lawyers predicting higher demand for legal services, as well as increased revenues and profits, in the coming years.
This sense of hope may be prompting some small firm attorneys to put off adopting solutions to long-standing issues. For instance, only 20% of companies have put a plan in place to tackle their business development issues.
Latin Brains has been assisting law firms in addressing these difficulties for over 10 years by offering the necessary information and insight for growth.