New Data from Withum Gives Insight into the Future of Law Firms
Withum, a Top 25 advisory and accounting firm, released results from their annual Law Firm Leadership Survey. Law Firm Managing Partners, Chief Executive Officers, Presidents and others in leadership roles shared their perspectives on the impact of remote work and the future of law practices.
Marci Taylor, JD and Principal of Withum’s Law Advisory ServicesThis survey gives us insight into how firm leaders are handling the new age of business, with alternate work arrangements leading conversations. Hybrid work is here to stay across a wide range of industries, But for lawyers who are used to remote work, we are more focused on learning how a hybrid environment impacts a practice overall: culture, retention rates, financial models and strategies.
Highlights from the report include:
- 54% of respondents said they have decided to have a hybrid work environment permanently, with another 19% saying that lawyers are still only back in the office part-time or hybrid.
- Only 12% of lawyers said they returned to the office full-time, compared to 40% of staff.
- Firms are still cautiously optimistic about moderate increases in financial KPIs for 2023, though less so than in 2021.
- Firms still expect to raise rates, though less aggressively than at the end of 2021.
- Getting together in person, internally and with clients and potential clients, is a priority for the next 12 months.
- There seems to be an increased focus on strategy now that firm leaders are past the “crisis mode” of the pandemic and the extraordinary focus on talent acquisition in 2021 and early 2022.
Withum’s Law Firm Advisory Services Practice established the survey in 2021 to bring industry insight to law firm leaders looking to keep up with trends coming out of the COVID-19 Pandemic. The team is passionate about helping clients evolve with the market and stay one step ahead by combining traditional advisory services with an innovative focus.
Download the full report for more statistics on firm culture, marketing, succession planning, cybersecurity and other challenges facing leadership.