Despite the economic and logistical effects of the pandemic on normal office life, in Maryland and across the rest of the country, many law firms have remained productive and profitable.
The last few months have been challenging for lawyers, with court closures, constraints on public assemblies, and a move to remote working. Many firms have had to make cuts, and all have had to change the way they reach out for new business and communicate with established clients. However, legal practitioners, from state lawmakers to local attorneys, continue to pass significant measures and reforms and keep individual cases moving forward.
Adapting Marketing Strategies
The pandemic has accelerated changes to the way in which lawyers and clients communicate with each other, and how they reach out for new business. Traditional face-to-face meetings, client dinners, and in-person networking events have all been put on hold, and instead, lawyers are using new digital methods to market their firms. These include holding virtual events, creating videos and podcasts, and generating more online content to attract potential clients. Search engine optimization (SEO) improves search rankings, and, when it is combined with high-quality content, can be a highly effective marketing strategy. Whether they are familiar with the technique or are using it for the first time, an SEO guide gives lawyers an overview of the benefits of using it to update their marketing methods. Due to the success of these digital innovations, many law firms have pledged to continue with their use, even as face-to-face interactions are re-introduced.
Cutting Unnecessary Costs
As well as making changes to the way they work, many law firms have been forced to reduce costs in order to stay profitable. The approach of one Maryland firm was to cut working hours and furlough non-essential workers in order to save money. Other ways for law firms to save include delaying salary reviews, streamlining their workforce, and increasing capital contributions from their partners. With many partners remunerated through equity draws instead of receiving a standard salary, some firms have placed limits of up to 25% on the amount that they are allowed to take out.
Switching To Remote Work
Although, as part of their cost-cutting, some firms have also negotiated rent reductions on office space, most have moved completely online. As restrictions were introduced last year, law firms in Maryland found that transitioning to remote working was straightforward and that their companies had the technology to quickly adapt to a virtual working environment. Lawyers have found that they can still work productively from home, and the pandemic has provided plenty of work in certain areas of practice. As many businesses were worried about having to close their offices or lose staff, employment lawyers have been kept particularly busy.
Despite an economic downturn and restrictions to normal working practices, law firms in Maryland have remained buoyant. By adapting to online marketing, embracing remote working, and cutting unnecessary costs, they have continued to find new business and support their existing clients.