Struggling SME law firms can innovate to survive the economic conditions caused by the pandemic, says George Bisnought
Small and medium-sized (SME) law firms are currently facing a perfect storm of factors which are putting intense pressure on their business models. These include increased regulatory and compliance burdens and the fraught economic conditions we are all facing, together with the dramatically increasing cost of professional indemnity insurance (PII) premiums.
Small firms and sole practitioners have been particularly badly hit, with some unable to secure PII cover at all; or reporting that their premiums had doubled in a year.
Add to this the difficulties caused by the coronavirus pandemic and it is not surprising that a recent report by Viv Williams Consulting warned that as many as 3,000 smaller law firms could be forced...