It certainly will be really hard to repeat any kind of growth. Firms will struggle to match this year’s results, and that might be possible, though it’s going to be hard. I can’t imagine any firms will be able to move forward with 20% to 30% growth in profitability.
— Law firm consultant Lisa Smith of Fairfax Associates, commenting on whether or not she thinks Biglaw’s soaring (and perhaps unprecedented) pandemic profit levels will be sustainable given our economic environment, the state of world affairs, and additional cost of associate salary increases.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.