It is in a plastic pot that has holes in it. The outer pot just holds the inner plastic pot. I have been watering once a day to make sure it's not dry. The plant is in my office space with bright light not direct sunlight though. Not sure how to revive it?
I'm not certain of what's wrong, but you need to lift the inner pot up after you water it to make sure there is no water sitting in the bottom of the outer pot. And feel how heavy it is. It should be significantly lighter before it needs water again. The first thing I would wonder is whether it has been over-watered and some of the roots are rotting. I would doubt that the drooping leaves would revive, but the rest still looks pretty good. It should always lose old leaves anyway, so as long as the new leaves look good, it might be fine. There is a paragraph here on watering: How to Care for Peace Lilies
This is how it looks actually. I did trim off the yellow leaves beginning of the week and now its drooping again. Should I repot it? Will it help?
It sounds like Sundrop is suggesting that you do repot it. And while you're at it, look to see if the roots all look healthy or if some are mushy.
I thought the pot on your pics is the decorative outer pot and the actual pot inside is much smaller.
It looks like the plant has outgrown its pot. Give it a new, slightly bigger one. It could be good to divide the plant before reporting, but you could leave it for the next time, when plant is in better condition. As wcutler has said examine the roots and remove any that are not in good shape. Are some of them rotting? Use a well-draining, all-purpose potting soil. Be careful to pack the soil well about the roots. Water from below by pouring water into the saucer below the pot. Allow the plant to take as much water as it needs and after an hour or so discard the excess. I would not recommend watering more often than every four or five days, but the frequency depends on overall conditions the plant lives in.
