Law firm revenue takes nosedive during COVID-19, new survey data shows
Roughly 81% of law firms have seen their revenues drop during the COVID-19 pandemic, with 27% of firms in that category reporting they have seen business decline by more than half, according to a new survey by Martindale-Avvo.
The dramatic economic impact of the novel coronavirus on the legal industry has come even as 95% of firms report accepting new clients, Martindale-Avvo’s survey of more than 200 legal professionals found.
“COVID disrupted everybody, including the legal profession,” says Diana Schulz, president of Martindale-Avvo. “We are all in uncharted waters here.”