Welcome to the Law Firm Disrupted, a briefing from Law.com reporter Dan Packel that surveys new competitive pressures on law firms and how their managers are coping, plus insights on the tactics and tech employed by would-be disruptors. Have an opinion? Email me here. Want to be alerted to this dispatch in your inbox every Thursday? Sign up here.
I’ve been calling them “forced savings.” An Am Law 25 leader I spoke with earlier this week used the term “restructuring of expenses.” Regardless of nomenclature, it’s clear that the diminished spending on events, business development and travel since March 2020 has been a major part of the unprecedented financial performance so many law firms have been enjoying since the pandemic began.