Kentucky’s Rising Business Tide Lifts Legal Services Industry

By wmadministrator

Law firms are growing. They are hiring attorneys and staff and adding digital technology to meet growing demand during an active business cycle. The legal services sector definitely felt the impact of the largest year for economic development announcements in Kentucky’s history in 2021. Firm leaders expect 2022 to bring further growth as the economy rebounds from the COVID pandemic, supply-chain and labor shortages, and inflation concerns. Kentucky business is growing and it requires smart legal work to reach its potential. For example, weak commercial real estate values create opportunities for clients looking to make long-term investments that bring business to real estate practice sectors.

“We anticipate that the economic challenges of 2021 such as inflation, labor shortages and supply chain issues will continue in 2022. The COVID-19 pandemic continues to create unknowns locally and around the world, impacting the markets and business operations. We expect that technology usage will grow at law firms in 2022 as we identify ways to better serve our clients from anywhere. As more businesses in Kentucky continue to expand their footprint, clients are increasingly demanding law firms that provide legal and business solutions at local, regional, national and global levels. We added several talented lawyers to our firm in 2021 and will continue to add lawyers to our team who can deliver the solutions our clients need and expect.”

-P. Branden Gross Office Managing Partner-Lexington Dentons Bingham Greenebaum

“2021 was a historic year for economic development in Kentucky. I anticipate we will see that development trend upwards in 2022, as we are experiencing considerable job growth in a wide variety of sectors. As the economy continues to grow, so too will the demand for the legal services that help facilitate that growth. I also expect clients, especially on the employment side, will continue to need help navigating COVID-19 regulations and policies. We are expanding our office space here in Lexington and adding more lawyers and staff to keep up with the rising demand for our services. Our goal remains, as always, to position our clients to capitalize on opportunities and find solutions to challenges.”

Grahmn Morgan Lexington Office Managing Partner, Dinsmore & Shohl LLP

“While we’re not as far out of the COVID-19 crisis as we expected to be by this time, we believe that 2022 will bring new growth and opportunities as our national and state economies continue to rebound after the devastating impacts of the pandemic. Even with an extended crisis, the legal field has found new ways to adapt, such as the widespread adoption of new technologies in courtrooms and in the office. Remote working, flexible hours and outside-the-box approaches have allowed us to not only expand our footprint in the Louisville market and beyond, but will also enhance efficiencies and costs going forward, all to the benefit of our clients.”

James H. Frazier III Managing Member, McBrayer PLLC

“COVID-19 variants keep popping up, but we will see global GDP continue to rise in 2022. The Kentucky and U.S. economy improved in 2021 but global supply chain issues, labor shortages, and the variants slowed recovery. Yet Kentucky announced billions in investment. The commonwealth economy will continue its positive movement in 2022. Clients want advice on regulatory enforcement, data security and compliance issues. Commercial real estate value is down, but many clients are capitalizing on long-term investment opportunities and real estate remains a busy sector. Merger and acquisition activity boomed in 2021 because of low interest rates and available debt. Litigation is increasing as court systems reopen. Advice is in high demand for emergency preparedness plans, managing remote and in-office workforces, vaccine rollouts, and supply chain and vendor issues. Client needs drive the firm, and Stites & Harbison continues to seek appropriate new service offerings and geographic locations. We opened an office in Cincinnati, hired lateral attorneys, and intellectual property boutique firm King & Schickli joined the Lexington office in 2021. Our capital expenditures focus on technology efforts, investing in high-caliber people, and growth opportunities that allow us to work smarter, faster and more efficiently. We will increase the number of attorneys and staff in 2022.”

Marjorie A. Farris Chair, Stites & Harbison

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Kentucky’s Rising Business Tide Lifts Legal Services Industry