Law firm survey 2021: accelerating growth
The 27th Smith & Williamson law firm survey in association with The Lawyer, shows an increasingly confident sector, with 97% of respondents reasonably or very confident about the business outlook for their firm, up from a combined 80% in 2020.
However, the sector acknowledges change is necessary. Profit margins are still under pressure. Perhaps most importantly, firms are also coming to terms with the cultural impact of the pandemic as they look to strike a balance between demand for flexible working and the growing importance of developing a strong firm culture.
Law firms have had to dig deep to survive and thrive during the pandemic. The majority have weathered the storm successfully, showing flexibility and agility in the face of extraordinary challenges. The question now is whether law firms can bring this new-found adaptability into the post-pandemic world.