Collier Legal Search

COVID

Legal Trends in 2021

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The legal industry saw its share of disruption from the coronavirus pandemic. To survive the downturn, many firms instituted pay cuts, layoffs, and furloughs. After 12 months of making do with less, 2021 may be the year where law firms see more of everything: More Work Many companies conserved cash and delayed pursuing legal action during the COVID-19 pandemic. As businesses reopen and scale back up, they will call on legal firms to rewrite old contracts and draft new agreements. Litigation and legal work is rapidly increasing in every practice area from insurance to complex commercial matters (and everything in between).  When restrictions end and business returns to normal, law firms can expect to see a flood of work in 2021. More Legal Spending More legal work and litigation means that spending on outside counsel will likely increase as well. In addition to new cases, companies that have put off legal activities will need to clear their backlog.  Some industry experts predict that spending on outside counsel will increase by more than 5 percent in 2021. This spending would be the most significant increase in more than ten years. Some firms in high-demand practice areas have even been able to increase their fees moderately. More Opportunity for Newer/Smaller Firms The increase in litigation means that there will be more work for all firms, from the AmLaw100 to solo practitioners. Established firms with name recognition will probably take a larger piece of the pie, but mid-sized firms may have an opportunity to get their foot in the door.  Increased litigation across the board will force corporate legal departments to hire firms they’ve never worked with before. The pandemic also spurred firms to become more open to partnerships and collaborations with other firms. More than half of large firm leaders said they already have or plan to implement new alliances in the coming months. More Competition As work rebounds and the economy returns, there will be greater competition at all levels. The number of legal professionals returning to or entering the job market means that competition among attorneys will heat up: The economy added 4,800 legal services jobs in January after months of stagnant growth 94% of firms are bringing back furloughed employees or expanding hiring Graduating law students will enter the market after a year of delay At the firm level, expect aggressive competition among law firms. Although there will likely be plenty of work to go around, many firms will grab as much work as possible to ensure survival. More change The legal industry is not known for being on the cutting edge of change. The pandemic forced law firms to embrace technology and unconventional approaches much faster than they would under normal circumstances. Now that the genie is out of the bottle, the entire industry has little choice but to continue to become more agile, more technologically adept, and more open to innovation. The 75 million Baby Boomers approaching retirement will also spur change. This massive demographic shift will impact the legal sector as seasoned attorneys leave or reduce their hours. The younger generation will bring more technology and innovation as they step into vacant leadership positions. How Collier Legal Search Can Help Collier Legal Search is a full-service legal staffing company. We place well-credentialed partners, associates, and legal professionals at every level in law firms and corporations. Our experience, connections, and unique approach to building our candidate database deliver consistent results on which our clients can depend. We are committed to the success of our clients and our candidates. Find out what we can do for you. Contact us at 832-239-5253.

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Leading Productivity Strategies For Law Firms

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The final months of 2020 will likely look very different at law firms and legal departments across the nation. Having many productivity strategies can help you end the year strong as your firm wraps up 2020 and prepares for the coming year. In a typical year, the final months are consumed with a whirlwind of projects, associate evaluations, promotions, client activities, personal and professional holiday obligations, and planning for the following year. But 2020 has been nothing like any other year in memory. Nearly nine months have passed since the coronavirus pandemic set in, and workers everywhere have gotten used to social distancing, meeting virtually, and working remotely. Year-end activities will now require law firm managers to plan with pandemic modifications in mind and be creative with new productivity strategies. Combat COVID Fatigue Whether it’s COVID-related, holiday vacation, or some other reason, the reality is that many law firms and legal departments are operating with scaled-down staff. A significant percentage of workers are juggling their workload with home-schooling, health concerns, and other uncertainties. As we approach the end of the year, people are also dealing with holiday-related stress, as well as COVID fatigue. Bringing in contract or temporary workers during these final months can help prevent burnout, take over work from absent employees, finish up projects, or lend expertise on complex issues. Expand Your Services Every firm has been in the undesirable position of turning away business because of a lack of expertise. Instead of referring these clients to competitors, consider assembling a remote team of temporary and contract attorneys to augment your existing team or practice group. As one of your productivity strategies, use outside resources to handle these matters can create a much-needed revenue stream in these uncertain times. Rethink Remote Working Traditionally, the legal sector has been resistant in its attitude towards remote working. Partners like to see heads bent over desks, billing hours. There are also issues of data sensitivity, cybersecurity, and client-lawyer confidentiality. Despite these concerns, the pandemic forced law firms to accept remote working. To their surprise, most firms are reporting good results with no loss of productivity or quality. By adopting long-term remote working practices and by creating new productivity strategies, law firms can increase their profits. A permanent remote-work policy can give a firm a competitive edge in hiring. Most candidates prefer to work for law firms with some remote work flexibility. Full-Service Legal Staffing You Can Depend On Collier Legal Search is a full-service legal staffing company. We specialize in placing well-credentialed partners, associates, and legal professionals at every level in law firms and corporations. Our experience, connections, and unique approach to building our candidate database deliver consistent results that clients can depend on. We are committed to the success of our clients and our candidates. Find out what we can do for you. Contact us at 832-239-5218.

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GAINING MOMENTUM INTO Q3

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Summer has arrived and the end of Q2 approaches. People are slowly returning to newly reopened workplaces. Law firms are no exception. While safety protocols have changed to embrace social/work distancing, strategic business planning has some of our clients gaining real momentum into Q3. These last few weeks, we have had meaningful conversations with known law firm leaders. We have sought their opinions and predictions on emerging, stronghold practice areas in the coming months. Certainly, bankruptcy and employment law practices are continuing to strengthen. Accordingly, we have been effectively recruiting legal personnel in these areas of practice. At the same time, we have listened to what practice leaders believe will be significant focus areas in Q3, Q4, and 2021: litigation (both commercial and insurance-driven), wealth preservation & tax management, and finance (secured transactions) are practices gaining serious momentum. Preparation being essential for production, this strange era has given our Collier Legal Search team an unprecedented opportunity to become more consultative, more informed than ever before. Throughout this crisis and as always, our goal remains the same: to be a valuable resource for our clients. As to our existing needs, CLS consistently aspires to react swiftly in an effort to meet our client expectations regardless of the practice area. At the same time, we strive to be extremely proactive, aligning our recruiting and placement services to predicted growth areas. HOW TO STRIKE THE BALANCE OF TIME VS. CONSERVATISM Balancing time against conservatism is perhaps more important today than ever before. By posting open positions online, some of our clients have sought to save on recruiter fees hoping to take advantage of what is perceived to be a surplus of available manpower. This is one of those situations where we might say, “be careful what you wish for.” As a result, these same clients face a time-sucking “Mount Everest” of applicant paperwork to review. Many applicants have little to no skills required in the position. On a rare occasion, the right hire is identified in the stockpile. More often though, the right applicant is still employed and very likely he/she has never seen the online job opening. The question is whether it is the best use of your time to sort through the hoard of the resumes in hopes of finding the right hire? Or, is your time better used elsewhere? At Collier Legal Search, we are sensitive to the community’s call for conservatism. Our clients only owe a fee if they hire one of our applicants. In many circumstances, our fees are deeply discounted. As importantly, we are sensitive to the value of time. Our service ensures that your time is always protected to optimize production. Stay productive entering Q3. Let us take on the project of building your winning team. To learn about how we have continued to build our applicant pool during this crisis, please contact Kay Egger at 832-239-5218.

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