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RELATIONSHIP BUSINESS - Some law firm leaders might still be a little skittish to publicly discuss what turned out to be one heck of a good fiscal year, especially at a time when many of their clients continue to experience pandemic-related financial stress. But, as Christine Simmons writes in this week’s Law.com Barometer newsletter, law firms’ impressive 2020 financial results actually vindicate the strength of their client relationships, especially during crises, and how they can be relied on going forward. Sure, the eye-popping profit growth was helped by firms’ deep cost-cutting measures and tight control of their equity partner ranks, but some of it also arose from clients’ willingness to pay more for partners’ expert advice, instead of leaning on associates. The question now is whether a similar dynamic will play out as we head deeper in 2021 and the pandemic (hopefully) begins to wane. To receive the Law.com Barometer directly to your inbox each week, click here.
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