Law Firms Have Been Hit Hard, Also.
According to a May 18, 2020 post by Lyle Moran on the ABA Journal website, roughly 81% of law firms suffered a revenue drop during the pandemic, with 27% of the reporting firms in a recent survey by Martindale-Avvo stating that they had seen business decline by more than half. Cloud-based Clio reported that the pandemic had resulted in a 40% drop in the number of new legal matters opened each week in the U.S. compared with the number in late February 2020. Nearly 20% of the Martindale-Avvo survey reporting firms said they had to lay off and furlough staff. More than 60% of the reporting attorneys indicated their belief that it will take from four months to a year for their firms to revert back to the pre-pandemic status quo.
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