Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

Law Firm Partnership & Benefits ReportLJN NewslettersNewsSections

Beware The Temptations of Short-Term Thinking

By Phyllis Weiss Haserot
October 02, 2003

I recently had a discussion with a client about the issue of firms backing away from supporting practices that were hot and now are in the doldrums but are likely to bounce back. He had been vigorously sought after as an information technology and corporate lawyer just a few years ago. Since technology is not bound to disappear from or be less important in our lives, these areas of practice can be predicted to have a sunny future.

Most practices tend to be cyclical, but firms also tend to have short memories. Despite the fact that senior lawyers and managers have seen the patterns before, they may be over-zealous in adding attorneys (usually expending sizable recruiting fees) and resources to capitalize on an area when it is hot and then back away or go as far as pulling the plug when it cools down ' even if it is an area with good future promise. This is short-term, reactionary thinking rather than taking a strategic position and investing in it for the long term. When the area turns up again, they will be caught unprepared to handle the work and will have demoralized a significant portion of their personnel. This way of operating discourages loyalty and encourages people to keep the lines open with headhunters and jump from place to place.

This premium content is locked for Law Firm Partnership & Benefits Report subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
The DOJ's Corporate Enforcement Policy: One Year Later Image

The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.

Use of Deferred Prosecution Agreements In White Collar Investigations Image

This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.

The DOJ's New Parameters for Evaluating Corporate Compliance Programs Image

The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.

Compliance Officers: Recent Regulatory Guidance and Enforcement Actions and Mitigating the Risk of Personal Liability Image

This article explores legal developments over the past year that may impact compliance officer personal liability.

Bankruptcy Sales: Finding a Diamond In the Rough Image

There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.