Law Firms Experiencing an Influx in Business Due To COVID-196 months ago
Law firms are experiencing an increase in business as the novel Coronavirus pandemic sweeps the nation.
The COVID-19 pandemic has presented a variety of challenges for both the economy and legal system. Real estate, bankruptcy, and litigation attorneys are preparing for a wide range of scenarios, with the likelihood of which depends on the effectiveness of public, health, and economic interventions.
Real Estate Attorneys
Real estate attorneys are eager to see a positive economic transition. While individual buyers are likely to tightly grip their cash during a pandemic, we can assume based on the 2008 housing crisis that investors will use the opportunity to acquire properties at low prices with low interest rates. While the number of new home listings in April fell 23.6%, according to Triangle MLS, competition between listings has slowed, allowing for a greater competitive advantage for properties that are listed. Together, these two factors create ideal conditions for real estate acquisition. Consequently, experts are anticipating that demand for real estate attorneys will increase at the same rate as demand for real estate rises.
While it is unfortunate that the COVID-19 pandemic has caused an economic upheaval, the number of individuals declaring bankruptcy has increased drastically. The Brookings Institution estimated that the number of bankruptcies caused by or associated with the pandemic could outpace those during the dot-com bubble in 2000 and during the Great Recession. For this reason, experts are preparing for a dramatic increase in the need for bankruptcy attorneys.
How do courts handle jury trials before a vaccine is developed for COVID-19? Due to the rapid adoption of remote technology, many litigation attorneys are unsure whether the industry will continue remotely or if social distancing practices will be implemented into courtrooms. While remote technology has been successfully implemented into many courts across the nation, trial litigators who have learned to read witnesses in person to sculpt their examination in response to a jury’s visible reaction are at a large disadvantage. For example, video feeds often dampen the expressions and reactions of a witness and therefore presents its limitations. Because of this, courtrooms will most likely hold small jury panels while excusing jurors with comorbidities, the elderly, or those with compromised immune systems. Litigation attorneys who have been negatively affected by remote practices are anticipating the change in courtroom proceedings by implementing social distance practices into the workplace. While this is sometimes easier said than done, some law firms have considered expanding to larger office spaces to maintain a six foot working space between employees.
How Can Your Law Firm Prepare for These Changes?
To keep up with increases in demand and social distancing guidelines, some firms are considering renting additional office space or moving into larger office spaces to accommodate their employee’s health and safety. Developers in the Gainesville Innovation District are partnering with businesses in various industries to expand their office space while adhering to social distancing guidelines. To learn more about developers in the Innovation District that can help your firm expand, click here!