Lawyers in legal firms like Donich Law are not as worried as many Americans are over job security during the pandemic. Some of them are even earning extra bonuses. Stability of law firms can easily be attributed to work from home that significantly reduced their traveling expenses. Most industries from the hospitality to the retail sector have not excelled financially.
According to the survey made by Wells Fargo Private Bank’s legal specialty group on 125 law firms, their revenue increased by an average of 6.4% during the first 2 quarters of the year compared to a year earlier. Demand was roughly the same as the previous year but the boost in revenue was due to annual hourly-rate increases and the momentum from the lucrative 2019.
The legal industry was prepared for the worst when the coronavirus pandemic sent the country into shutdown. Dozens of law firms have to cut down salaries or furlough staff to save cash. Leaders in the legal industry wanted to avoid the serious cuts to lawyers and staff after the 2008 financial crisis. They did not want to face the problem of law firms not having enough experienced lawyers to work on assignments.
As spring turned to summer, many law firms found out that their lawyers were still busy. Law firms that have implemented austerity measures have reversed them recently. Lawyers and staffs pay were restored to previous levels.
However, not all law firms were lucky. Some furloughs led to layoffs particularly among staff that were side-lined. Meanwhile, industry observers considered the layoffs as an appropriate business decision. While it never easy to do these things, receptionists have no work to do. Besides that, underperforming lawyers are usually culled every year.
There are signs that the last 2 quarters of the year will be particularly challenging but the lockdown has eliminated some large routine costs like travelling to meet clients in person or argue cases in court.
If you have been charged with a criminal offense, your best option is Donich Law that can provide you with legal protection that is designed to ensure that you are treated fairly and will be judged based on reliable evidence.