Tech and talent dominate law firm wish lists after boom in profits

Law firms from Cooley to White & Case this week reported double-digit profit growth in 2020, as the coronavirus pandemic reduced expenses while revenues held steady. What to do with the unexpected bounty? Many firms are investing it in technology and talent.

Hogan Lovells on Friday reported that its profits per partner jumped 30% from 2019 to 2020, and its CEO Miguel Zaldivar said in email that “a significant amount will be reinvested into the business, e.g. for major technology projects,” like remote work support and process automation.

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