Prior to COVID-19, the legal sector was already changing at an accelerated pace. Now that the virus has impacted countries and economies on a global scale, the disruption has caused a dramatic pause in the legal sector, forcing firms to reconsider their business strategy as well as reimagine the future of the law firm workplace itself.
The economic fallout of the pandemic will continue to have an impact on the business of law, with some firms faring better than others. During what most feel will be a lengthy road to recovery, we will likely see attorney movement—making shifts to other firms, to in-house roles, and potentially into new careers altogether.
Because health, wellness and safety have become top priorities for every firm, the workplace itself will look and feel different in early phases of recovery and into the foreseeable future. Consensus is that some new ways of working are here to stay at least in part—and that will have a significant impact on the form, function and culture of every firm. As firms reconsider space needs and workplace strategies, real estate market dynamics are shifting, and we anticipate opportunities for firms to find favorable conditions in select markets.
Cushman & Wakefield continues to monitor trends across the legal sector and advise law firms on emerging challenges related to COVID-19. To learn more, visit our Recovery Readiness page.