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Q: Why are virtual law firms becoming so popular and could they be the future norm? <\/strong><\/p>\n\n\n\n A: <\/strong> The global pandemic caused businesses to shift to a virtual model and many law firms are finding success using by going virtual. <\/p>\n\n\n\n As you probably already know, the coronavirus pandemic fundamentally changed the way people work, live, and interact with one another. Even traditional industries that were known for resisting change created by technological advancements have shifted to online-first operations. A great example of this is the legal industry. Since the onset of the COVID-19 pandemic, virtual law firms<\/a> have popped up across the map as law firms make the permanent shift to digital practices. <\/p>\n\n\n\n In this article, we will explore what is driving this trend\u2014aside from the pandemic\u2014and how it will impact the future. <\/p>\n\n\n\n A virtual law firm is a law practice that doesn\u2019t fully rely on traditional brick-and-mortar locations. With a virtual law firm, lawyers and staff primarily work remotely and leverage digital tools and platforms to communicate with colleagues and clients. <\/p>\n\n\n\n While virtual law firms have become more common over the past 18 months, they have existed for over 15 years. <\/p>\n\n\n\n Virtual lawyers and virtual law firms perform the same duties as a traditional law firm would. However, rather than meeting with in-person in a city center office, virtual law practices use a variety of digital tools to meet with clients and collaborate with them effectively. <\/p>\n\n\n Practicing law virtually comes with plenty of perks. Lawyers can save time (no commute needed to practice remotely); they can save money by lowering overhead costs (a virtual office is much cheaper than traditional brick-and-mortar offices); and they can increase their productivity (no commute means more time dedicated to work and working remotely means they can work whenever they feel their most productive). <\/p>\n\n\n\n Real estate tends to be among the top 3 expenses of organizations. Not only is real estate expensive, but it is also inflexible and prevents law firms from being agile. <\/p>\n\n\n\n \u201cReal estate is ordinarily an inflexible expense for firms because it is not uncommon for law firms to sign leases for a decade or longer in certain instances. It is extremely difficult for firms to lower their real estate footprint to match headcount or rightsize financially if circumstances change, and this can have a negative impact on law firms.\u201d <\/p>\nJordan Rothman<\/a> <\/cite><\/blockquote>\n\n\n\n Listen:<\/strong> The Legal Implications of a Remote Workforce [podcast] <\/a><\/p>\n\n\n\n The virtual law firm model also allows lawyers to be more flexible with their pricing, which can, in turn, attract more clients. <\/p>\n\n\n\n Attracting more clients is a top priority for lawyers now, as the COVID-19 pandemic hit the legal industry quite hard. (Quick side note below)<\/em> <\/p>\n\n\n\n In fact, research from Clio<\/a> found that the number of legal matters opened each week declined over 30% since the onset of the pandemic. According to the data, 56% of law firms saw a significant decrease in requests for legal assistance. Part of the reason why law firms experienced a slowdown is because people claimed they would delay reaching out for legal help until after the pandemic had subsided. <\/p>\n\n\n\n While the legal industry has weathered previous disruptions, the pandemic hit especially hard. <\/p>\n\n\n\n \u201cThe last time the legal industry went through an economic calamity, layoffs were common. In the current environment, law firms have been adopting progressively drastic measures to shore up their finances and mitigate the economic impacts of the coronavirus pandemic.\u201d <\/p>\nAmerican Bar Association<\/strong><\/a> <\/cite><\/blockquote>\n\n\n\n Some of these measures included: <\/p>\n\n\n\n The good news, according to Ralph Baxter, former chair of Orrick Herrington, is that \u201claw is essential to commerce and justice\u2014so it is not going away.\u201d <\/p>\n\n\n\n Q: Is law a dying field? <\/strong><\/p>\n\n\n\n A:<\/strong> Definitely not. Law is a critical component of any society; there will always be people and organizations that need legal aid or services. <\/p>\n\n\n\n How to Start a Business in a Recession <\/span><\/strong><\/p><\/div><\/div><\/div>\n\n\n\n
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<\/a><\/figure>\n<\/div>\n\n\nWhat Is a Virtual Law Firm? <\/h2>\n\n\n\n
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<\/a><\/figure>\n<\/div>\n\n\nVirtual Law Firm Benefits <\/h3>\n\n\n
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<\/a><\/figure>\n<\/div>\n\n\nA quick look at how virtual law firms can lower overhead costs <\/strong><\/h2>\n\n\n\n
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\n\n\n\nVirtual Law Firms Provide Flexibility <\/h3>\n\n\n
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