The economic consequences of the Covid-19 pandemic are having a big impact on law firms and will affect their jobs and recruitment.
With this Covid-19 outbreak legal work has been reduced suddenly and significantly with overall revenues down considerably. It is also taking longer for firms to get paid for work already done (or, in the worst cases, not getting paid at all) and this has become a big problem for many firms. Bear in mind most firms still carry most pre-virus operating expenses such as staff wages, insurance and rent (furlough leave if it has been taken up, only helps to a limited extent). And these firms have a lot less revenue coming in.[Read more…]