Despite the great anxiety that roiled the legal industry throughout 2020, fee collections at law firms have largely returned to pre-pandemic levels as the fourth quarter comes to a close, law firm leaders and industry observers said, thanks to the successful shift to remote work and a diversity of practice areas bringing in revenue. As 2020 ends, many firms are now preserving resources to give themselves a head start in 2021.
The fourth quarter is always a high-pressure time to collect fees from clients, especially in a year defined by economic uncertainty. But the legal industry had one of the most successful rebounds from the pandemic-fueled economic downturn that began in the spring, and the financial strain that many forecasted proved to be short-lived.
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