Shechtman on the Mid-Market 2021 Business Boom
Managing Partner Ronald H. Shechtman recently sat down with Law360 to discuss the trajectory of business through the brunt of the pandemic and beyond. According to Law 360:
Roughly 170-attorney Pryor Cashman saw a 1% increase in revenue and a 7.4% drop in PEP following the addition of five equity partners to its ranks. Ronald Shechtman, the firm’s managing partner, said that while many corporate transactions were put on hold, attorneys picked up the slack by solving client problems directly related to the pandemic. The firm also took out a PPP loan worth $6.6 million.
“What we found is that our clients have great need for counseling to deal with the unique circumstances of the pandemic,” Shechtman said.
In particular, he said, questions surrounding real estate and leasing, labor and employment issues and family law helped make up for a shortfall of litigation and transactional work in the first few months of the pandemic. And in the second half of 2020, litigation and transactions picked up again.
As pandemic restrictions continue to lift, many businesses appear to be entering a recovery period. Law firms are similarly reporting an uptick in business. Shechtman explains further to Law360:
Shechtman, likewise, said business has been booming in 2021.
“We have had a stupendous start of this year, where our revenues are up dramatically—revenues and profits. And it’s been across the board,” Shechtman said. “We are just seeing greater demand everywhere.”
He added that, although the darkest days of the pandemic appear to be over, many clients remain cost-conscious given the uncertainty that remains. This sensitivity to rates and cost benefit firms like his.
“Midsize firms tend to thrive when demand becomes increasingly value-oriented, and I do think that is happening. A lot of businesses are under stress or likewise feeling uncertainty … [which means they’re giving] increased care about their legal expenses,” Shechtman said.
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