This year, the legal market has seen law firms placing an increasing emphasis on data-driven decision making, particularly with regard to how firms manage their staff and expenses.
Widespread media coverage has highlighted certain measures that firms have taken, in terms of furloughing or reducing staff and cutting expenses. But to what extent? And in what areas?
Managing staffing & expenses
Joe Blackwood, senior legal industry analyst for the Thomson Reuters Institute, recently provided a data-centric look at how law firms have managed their staffing and expenses, both leading up to and during the pandemic. Drawing on data from Thomson Reuters Peer Monitor, Blackwood’s analysis provides a strong starting point for law firms looking for insight into how the steps they’ve taken or are considering actually compare to what their peers have done.
What law firms are doing
Jim Jones, senior fellow at the Georgetown Center on Ethics and the Legal Profession, and Gretta Rusanow, head of advisory services for Citi Private Bank’s Law Firm Group, also discussed their research and work with law firms during the course of pandemic and what they’ve seen that law firms are trying to do in this area.