Egor Noskov: about the future of law firms in 2021
– It is difficult to imagine a year that would be worse than 2020, unless 2021 brings surprises. Another thing is that the volume of legal business in Russia is extremely small, and is hardly comparable with other industries. Lawyers, of course, endured the outgoing year better than other industries, and I think the situation will not change in 2021.
But, unfortunately, we have to state that while the global legal market as an industry is growing and capturing sales on the support of large transactions and investment projects, in Russia this segment has been almost absent since 2014 for all known political and economic reasons. Russian lawyers mainly earn money on bankruptcies, litigation and criminal cases. These services are very popular, and professionals of the legal market always have something to do. If to compare the news feed today and 10 years ago, the number of bankruptcies and criminal cases against entrepreneurs has considerably increased. So lawyers have enough work, although mostly not the one they dreamed of when they chose the legal profession.