When Pittsburgh-founded global law firm Reed Smith in 2019 devised a four-year strategy focused in part on reducing overhead costs, leadership thought the goals were aggressive. But in the closing weeks of 2020, many Big Law firms have learned that revisiting the role expenses play in serving clients is part of the new normal.
As they were “neck deep” in budgeting for 2021, global managing partner Alexander “Sandy” Thomas said in a recent interview, Reed Smith leadership discussed which cost-cutting measures, initiated or ramped-up in response to the pandemic, would become lasting changes.
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