Raffi Kodikian Examines COVID’s Impact on Law Firms and What the Legal Industry is Doing to Recover

Raffi Kodikian

October 11, 2021

Raffi Kodikian Examines COVID’s Impact on Law What the Legal Industry

The drastic measures taken to slow the spread of the COVID-19 virus have had devastating financial impacts on companies in almost every industry. Unfortunately, law firms have been no exception. According to legal expert Raffi Kodikian, law firms across the country have been impacted especially hard by the COVID-19 virus and are just now starting to recover. 

“The COVID-19 pandemic has created a lot of challenges for the legal industry,” says Raffi Kodikian. “First there’s the fact that the courts and administrative offices were closed down for such a long period of time. Paperwork was still being filed during the shutdown, but many hearings, trials, and depositions were canceled. Then there’s the fact that so many businesses decided to put legal matters such as acquisitions and mergers on the back burner until the pandemic was over. It has created an environment where a lot of firms are struggling to stay busy and stay profitable.”

In the face of declining business, many law firms have been forced to cut costs by laying off employees. However, law firms are fighting back against the economic fallout of the pandemic in other ways as well, including petitioning banks to have their credit line extended and turning to technological solutions in order to continue serving clients in this ongoing era of social distancing. 

“In the past, the law industry has been less reliant on technological advances than most other industries,” Raffi Kodikian says. “The pandemic has changed that, though. Now, there are a lot of law firms embracing technology such as videoconferencing software in order to continue serving clients. I expect this trend toward integrating more technology into the legal industry to continue long after the pandemic is completely over.”

While the past couple of years have certainly been challenging for the legal industry, there is hope that better days are ahead. In fact, many law firms are now bracing for a surge in business due to all of the legal issues that the COVID-19 pandemic has given rise to. 

“Employment attorneys are going to be in high demand when the dust settles,” Raffi Kodikian says. “It’s expected that there are going to be a lot of lawsuits centered around COVID-related layoffs in the coming months. Bankruptcy attorneys should see a surge in business as well thanks to the ongoing financial crisis. Insurance attorneys and cybersecurity attorneys can also expect a quick rebound in business.” 

In time, it is expected that almost all US industries will recover from the damage that the COVID-19 pandemic has caused, including the legal industry. While facilitating this recovery will require unique solutions and an increased reliance on technological innovations, Kodikian is confident that most law firms will be up to the challenge.