Big Law Firms Prosper during Covid - What about Small Law?
At least for now, lawyers at large law firms are not worried about job security during the coronavirus pandemic. According to The Wall Street Journal in an article of October 6, 2020, the elite firms indicated that are on track for a "record year, thanks to hot practice areas like restructuring and public-offerings work, and many are doling out extra money to lawyers this fall". https://www.wsj.com/articles/big-law-firms-prosper-despite-covid-impaired-economy-11601890200?mod=searchresults&page=1&pos=2 Reduction in travel expenses and working from home have helped the large law firms' bottom line.
But what about small law?
Small law is considered those law firms with under ten attorneys and the infamous solo practitioners. These lawyers account for 50% of practicing licensed attorneys in the United States. Lawyers in small firms, especially criminal-defense laweyrs are often dependent on trials, and when the courts were almost entirely clsoed, these law firms are now feeling the crunch. Plaintiffs' counsel have managed to weather the covid era by a flood of conorvirus-related lawsuits.
Comments to this Wall Street article prove interesting.
What is happening in your law firm? Can small law survive the Covid-impaired economy? Why or why not? (After all we don't only care about large elitle law firms).