21 Aug Stabilize Your Law Firm Amid COVID-19 With Lexicon Software
Before 2020, your law firm had goals they hoped to reach during the course of the year. They had financial parameters that they had to stay within and may have even needed to hit benchmarks in their dashboards for incentives.
Chances are, the COVID-19 pandemic changed much, if not, all of that.
Maintaining a sense of stability may have become your firm’s top financial priority. With how unprecedented these times may be, making sure your law firm has a future and has the ability to keep its attorneys and legal staff is vital in maintaining workflow.
Legal industry focusing on stabilization
The financial situation of your law firm may be more common than you think. A recent article from The American Lawyer detailed that the financial circumstances that the legal industry is facing and how it is acting in defense.
The article focuses on a survey that details how growth is not a focus of numerous firms’ plans. In fact, there only have been 24 law firm mergers over the first half of 2020, which is the lowest number since 2010. In comparison, 2019 featured a total of 115 mergers.
The survey highlighted the necessity of stability for law firms. Of the survey respondents, two-thirds said their focus over the next year is to remain stable and to build the business from within.
Remote practices and technology
This strategy requires law firms to consider their needs amid COVID-19. Health, sanitation, and safety have become staples in efforts to prevent the spread of the virus, and social distancing practices have meant that working from home has become a necessity.
In fact, 90 percent of respondents of the survey expect more than 10 percent of attorneys to remotely work on a regular basis, fundamentally changing the way attorneys approach their practice.
As a result, your law firm may be like many, who have had to invest in technology, in order to manage their practice and cases. Employing legal software in a time of crisis creates opportunities for interaction, innovation, and organization.
Opportunity for innovation
By employing software like our legal case management software, your law firm has the opportunity to shift toward a forward-facing trajectory.
The battle-tested legal software integrates with your firm’s matter management, document management, trust accounting, client interaction, scheduling, and time management systems, creating an opportunity for your firm to innovate.
By integrating your legal procedures into our legal practice management software, you can stabilize your firm’s expenses, cutting down on extra features and focusing on a one-stop shop for legal technology.
Contact us today for information regarding its software and services.