After a tumultuous 2020 spent almost entirely in the grips of a global pandemic, “it didn’t turn out as bad as we first feared” has been a common assessment from law firm leaders about their fiscal years.

As the year went on, law firm leaders shared stories of their internal discussions back in March and April, when they were projecting revenue declines that would have been unthinkable only weeks earlier. Indeed, law firms had momentum and a positive outlook going into 2020.