Silver Linings in Recessionary Times
The current economic downturn has affected BigLaw to an unprecedented extent, resulting in lawyer layoffs. Many smaller firms, however, have not actually seen a drop in business. This scary economic climate may actually create opportunities for smaller law firms.
Small Firm Opportunities
1. Big companies with shrinking budgets may take a chance on smaller law firms with good reputations and less expensive fee structures. Make sure you keep your corporate relationships current.
2. Your firm may attract higher quality, experienced attorneys or staff at reasonable salaries, as the result of layoffs from corporations or large firms. Some lawyers may be glad to work on an Of Counsel basis or office sharing basis, just to have a respectable place to land with the possibility of referral business.
3. More graduating law students will have difficulty finding jobs, and they may seek positions as law clerks or even unpaid interns, just to get experience. Get some help or delegate tasks you don’t like to do, without over-extending your budget.
Take Advantage of Slower Business
If your business has slowed down, this too shall pass. Take advantage of the additional time you now have available. Do what you kept wishing you had time for, when you were too busy. Here are a few suggestions to consider.