In a COVID-19 economy, law firms and legal departments could be monitoring their respective cash flows more closely, driving renewed interest in e-billing and spend management solutions that can help illuminate potential savings or causes for concern. Still, while the vendors behind those solutions may be seeing an uptick in business, the more sustainable path to growth may revolve around tools that allow employers to better track the productivity of a newly remote workforce.
Other changes or demands with regards to corporate legal or law firm financials may be short-lived. For example, Nathan Wenzel, co-founder of SimpleLegal, said many people are hoping there’s a movement away from the billable hour towards fixed fees, but a shift like that won’t happen in one swift movement.
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