When the shutdowns happened last year, there was concern that we were headed for an economic meltdown akin to the Great Recession, and that it would be a terrible year for firms. As you’ve probably seen, from bank reports, surveys, and some of the initial reporting on large firm financials, many law firms had a very strong year in 2020.

If you had told law firm leaders that would be the case in March or April of last year, they probably would have thought you were nuts. But even as early as last summer, as I talked to consultants and asked how firms were doing, they largely said that most firms were doing well and hitting their budgets—and were a bit surprised by that.

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