November 05, 2021
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How Should Law Firms Use Their Windfall of Profits? | The American Lawyer - The American Lawyer

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What You Need to Know

  • Many law firms found themselves with more cash in the past year, and some are looking to reinvest it.
  • Legal industry experts have seen an increase in IT, business development and DEI spend recently.
  • Still, law firms generally don't invest in their business as much as they should, largely because of their profit model.

After many firms experienced a highly profitable 2020 and sky-high demand levels in 2021, they found themselves with more cash than usual. While more than enough Big Law money has been lavished on associates and laterals recently, those aren’t the only ways firms are spending their riches.

Firms are investing more heavily in information technology after the pandemic showed the importance of a well-run IT department. They are also putting money into diversity, equity and inclusion efforts, which continue to be a focal point for firms and their clients.

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source: https://www.law.com/americanlawyer/2021/11/05/how-should-law-firms-use-their-windfall-of-profits/

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