Interview: Devon Williams, Co

Devon Williams

Co-Managing Director & Labor and Employment Attorney Ward and Smith, P.A.

How has demand for your services shifted in the past year?

In mid-March 2020, we saw an immediate uptick in our labor and employment practice. Employers were wondering whether they would be able to sustain their workforce. Then the Families First Coronavirus Response Act (FFCRA) legislation came out that impacted employers and the paid leave they needed to provide.

Litigation hit somewhat of a pause in March, as did our M&A deal flow. By the summer, however, our business attorneys were busy again, and they have not stopped. Our trusts and estates attorneys, with the added effect of COVID and the inherent expectations of what is to come with the federal administration change, has been bubbling. They have remained that way this year as well, trying to help high-net-worth individuals prepare for possible tax changes down the road.

Creditors’ rights has been interesting. When the economy is not doing as well for the majority, their workload is quite busy and they have creative and nuanced issues that they have to address. The practice has remained steady, although lacking the anticipated huge jump stemming from bankruptcies. The moratoriums on enforcing leases or loans were a help, but at some point, banks are going to need to recoup that money.

What is your firm’s approach to diversity?

Respect and valuing others is baked into the culture of Ward and Smith. The culture of the firm is very much egalitarian. We demonstrate and live teamwork, and it’s not just something we talk about. We call each other partners and, externally, we do not distinguish between junior associates or shareholders. We expect everyone to treat all other employees with respect, regardless of what position they hold in the firm, because they are all essential to what we do. We are actively working to recruit and retain women and minorities in the legal profession. Building the talent pipeline, we also have a new staff internship program building out of our diversity, equity and inclusion objectives.

Workforce numbers have indicated the sudden increase in demand for professional services.

this region (or even outside of this region) has access to high quality, high efficiency legal services right in our backyard. There are precious few legal needs of even the most sophisticated of businesses that can’t be met by the lawyers and law firms in this market. That’s great for the businesses that are here and the businesses that are surely on their way here.”

One key aspect of the Triangle’s legal market is its talent pipeline. North Carolina’s Top 5 law schools are all located in the region: Duke University School of Law, the University of North Carolina School of Law, Wake Forest University School of Law, Elon University School of Law and North Carolina Central University School of Law. Bar passage rates of all five institutions range between 73% (Elon University School of Law) and 94% (University of North Carolina School of Law).

With litigation expected to be on the rise as the dust settles on the pandemic, be it the likely skirmishes between landlords and tenants, loan delinquencies or government audits related to COVID-19 financial aid programs, legal firms in Raleigh-Durham are preparing for a front-row seat on the action.

Part of that landscape also includes consolidation as law firms look to go from strength to strength. Nelson

Mullins Riley & Scarborough, for example, is poised to acquire litigation and corporate boutique firm Shanahan Law Group, echoing the Southeast expansion of a bevy of legal firms. By the end of 2020, Robinson Bradshaw realized a four-decadelong aspiration: a Raleigh foothold. The firm joined the likes of Womble Bond Dickinson and K&L Gates with both a Charlotte and Raleigh footprint.

The pandemic had a far-reaching impact on the legal sector in how it conducts its business, growing its technology use by leaps and bounds. The marriage of legal and tech was evident on April 30, 2020, as the American Bar Association Young Lawyers Division’s Disaster Legal Services Program and legal tech company Paladin launched the first national disaster relief pro bono portal. The centralized, sortable database lists opportunities to tend to those impacted by COVID-19, both recent disasters, such as the Tennessee tornadoes and Puerto Rico earthquakes, as well as future natural disasters as they occur.

This is one example of how technological advancements and innovation are penetrating the legal sector, which had to play catchup in many instances compared to other industries that are more tech-intensive. Once considered a nice-to-have, technology has become an imperative for legal firms looking to stay relevant, capture available demand and consolidate their market footprint. Those that fail to heed the call for digitalization and embracing the growing prevalence of technologies, such as AI, robotics, data analytics, deal management platforms, client portals and dashboards, automated reporting and e-signatures, risk falling behind.

Going forward, legal firms will have a critical role to play in the country’s economic rebound. On one side, they will be the go-to advisers to prepare employers and employees in drafting and implementing back-to-work guidelines, fed by the provisions and recommendations offered by local trade associations, the Centers for Disease Control and Prevention, the Occupational Safety and Health Administration and state health departments. On the other, they will act as valuable partners in a plethora of areas that threaten a demand spike, including increased litigation and a raft of likely pandemic-related legislation. One area of note, according to the American Bar Association, is the real estate market where a potential eviction crisis looms as moratoriums end. Other issues in that segment include

The adoption of advanced technology and absorption of new regulations ensures a strong client portfolio.

housing insecurity among renters, the destabilization of the housing market and specifically the depletion of affordable housing.

Challenges The COVID-19 pandemic had enough disruption capacity to both accelerate ongoing trends in certain industries while bringing others to a stark halt. As companies across all industry verticals look to come out on top, they will look for guidance from their accounting, legal and other professional services firms.

Despite its deep and enviable pipeline, talent acquisition and retention in the new environment will remain a key challenge, both for the professional services and the clients they serve. “We are coaching companies to create applicant and employee engagement that ensures the recruit’s experience makes them feel significant. Companies should revisit all aspects of the job posting, interviewing, on-boarding, and orientation processes including response times and levels of communication and engagement. People want to know that a company cares about them – that they matter – and that the company is also focused on making a difference in the communities it serves,” said Gary Greene, president and CEO of Greene Resources.

Professional service companies will also need to provide answers in increasingly dynamic and shifting markets. Fast-paced absorption of new regulations and legislation, coupled with technology adoption, is poised to become the winning combination to ensure a strengthened and broader client portfolio. To this end, the ability to guide clients through the uncertainty of the post-pandemic world will be key to thrive going forward.

In light of the pandemic, consumer behavior has also fundamentally changed. This was especially true at the beginning of the pandemic as businesses leaned heavily toward one-stop-shops, integrated services, fixed fees and greater transparency on cost structures in an effort to deal with difficult cost-cutting decisions to sustain their diminished cash flow. Cost-conscious clients looking for greater value at lower price points are pushing consulting firms to recalibrate their own business and operational models to bypass diminished profitability in the context of digital-first competition entering the consulting market and amid growing demand for cybersecurity services.

Looking ahead The continuous investment flows despite the pandemic, added to a strong pipeline of capable, skilled and educated talent and a diversified economy are all ingredients for professional services firms to continue to thrive going forward. Moreover, whether they are legal, accounting, wealth management, private equity or venture capital firms, they all have a vital part to play in securing the region’s rebound and continuous prosperity as the Triangle enters a new phase of growth. Adaptability is the name of the game. Those firms that are able to adapt to the regulatory and technological changes to the benefit of a satisfied client portfolio will be able to capitalize on the ongoing growth of the Triangle.