The recently released Peer Monitor PMI index for Q2 2021 showed the growth in legal demand and productivity in Q1/2 actually produced the highest PMI ever, which is great news. Firms are still being very conservative, however, on spending on overhead expenses and technology. While analysts predict firms will still see savings from expense cuts in 2021, these savings won’t be as dramatic as in 2020 and, moreover, recommend that firms should use profit gains in 2020 and 2021 to invest in long-term strategies for growth — like technology.
While firms need to continue to invest in IT, keeping financial flexibility and conservation of capital top of mind for unidentified projects and circumstances continues to be vital. These realities align with the benefits of leasing and financing — and this is exactly what we are helping our law firm clients with right now, regardless of size, geographic presence, or practice specialty.