Law firms see strong quarter as demand hits pre-COVID levels
Average demand and productivity levels are returning to their pre-pandemic normal for law firms that weathered the pandemic, according to a Monday report. The demand for legal services and productivity increased between Q2 2020 and Q2 2021. The world is in the middle of an M&A boom, with a record-setting $1.5 trillion in deals announced globally in the second quarter of 2021 alone.
As a result, law firms are on a hunt for associates. Josten cautioned, however, that outsized M&A deal values don't necessarily correlate to increased demand for corporate and M&A services, noting that a large number of smaller deals can drive as much work as fewer Josten said that law firms have been one-upping each other by giving bonuses and salary raises to their associates. Josten said the figure was based off a very high baseline.
Josten said that there was a period of litigation demand growth at that point in 2019. There was a drop in demand for patent prosecution and patent litigation work in the second quarter of 2019. While law firms are revising their return-to-office plans in response to the Delta variant, the legal industry is in a better position than a year ago."