Extract from Christopher Zegers’ article “Technology Investments Law Firms Should Look At Post-COVID”
Our forced experiment in change and technology adoption we are all, for better and worse, participating in can pay dividends: lawyers like their new, flexible work from home capabilities. In fact, most (67%) report they would like their job to stay remote once it’s safe to return to the office, even if it’s only a few days a week.
A substantial benefit to a revisioned workforce is real estate reduction. Firms spend approximately 6% – 8% of gross revenue on real estate costs in major metropolitan areas. The new Cushman & Wakefield study on the ripple effects of COVID posits that law firms might be looking at a long term 40% reduction in ‘in-office’ personnel — which means real estate. This “right sizing” of the legal sector, that currently occupies two to three times the square footage per employee than other industries, is a sector correction that is long overdue. Ibid.