James P. Flynn, Managing Director of the Firm and Member in the Litigation and Employment, Labor & Workforce Management practices, in the firm’s Newark office, was quoted in The American Lawyer, in “With Expenses Expected to Rise in 2021, Will Demand Match?” by Dan Packel. (Read the full version – subscription required.)
Following is an excerpt:
Budget season is in full swing at firms whose fiscal year matches the calendar year, and leaders are exercising a newfound scrutiny over every component of next year’s spending as they prepare for an uncertain 2021.
After cutting expenses in the early months of the pandemic, firms were rewarded by better than anticipated demand, and many are anticipating quite healthy numbers in 2020. But even with optimism rising over Pfizer’s promising COVID-19 vaccine, that careful approach to expenditures is bound to continue. …
And even with firms more keenly attuned to social costs such as health insurance and other benefits, the inexorable forward march of health care costs, especially in a pandemic, will likely lead to increased premiums.
But there remains a sense that the discipline of the last eight months has put firms in a healthy position moving into next year.
“We’ve done a good job of managing current expenses,” said Epstein Becker & Green managing director James Flynn.
Flynn, whose firm’s focus on health care and labor and employment practices has ensured strong demand since the start of the pandemic, still has concerns about the wider economy going into 2021, as COVID-19 cases hit unprecedented highs throughout the United States.
“We all, as business people, have concerns about increased lockdowns, and the more general impacts on the economy,” he said. “Leaving that aside, I think that we in particular think that our clients value our assistance in dealing with those things: how to shut down and what the impact looks like.”
This article was also published in the New Jersey Law Journal.