A guest post from our new @ElevateNextLaw partner Phil Harris on the "next normal" in higher education and the impact the current COVID-19 crisis will have on higher ed law depts.
University of Wisconsin (my alma mater) said today that even if restrictions lift in June, it will face a $100 million loss. The higher education industry, like others, will face major and likely many "from here on out" changes.
The best way for law departments across all industries to weather the storm? Be extremely open to new solutions.
The pressure to reduce costs now and in the near term will affect all businesses and institutions in this country, whether they are for profit or non profit. And that includes higher education. Already, experts in higher education are predicting that there will be significant cost reductions because of the loss of revenue from tuition (including from declining enrollments), room and board, endowments, philanthropy, athletics, and media deals.
Co-Founder, ElevateNext Law, Deputy General Counsel, Elevate at Elevate Next
Nicole co-leads the ElevateNext business and is a founder of ElevateNext Law, LLP, a new model law firm founded in 2018, that sits alongside Elevate to provide customers with a one-stop solution that includes the practice of law. Nicole also serves as Deputy General Counsel at Elevate. Nicole is nationally known as an innovator in the legal industry, having founded Valorem Law Group in 2008 to pioneer the alternative fee movement. Valorem was named "One of the 22 Best Firms at AFAs" by BTI Consulting in 2016. Prior to forming Valorem, Nicole practiced for 15 years at an AmLaw 100 firm in Chicago, where she was a partner in the litigation department. She represents clients in federal and state courts and in arbitrations across the country using alternative fee arrangements. In 2017, Nicole was named one of the "Most Influential Women Attorneys in Chicago" by Crain's Publishing. Nicole was previously named "One of the Top 50 Women Lawyers in Illinois" by Illinois SuperLawyers and one of "Forty Illinois Attorneys Under 40 to Watch" by the Law Bulletin Publishing Company. Nicole is a certified arbitrator through the American Arbitration Association. She is also a Fellow of the College of Law Practice Management.