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Law Firm Survival: Tough Economic Times Call for Sound Management
Given the economy, discussions among law firm partners have gone from “How do we maximize revenues and profits?” to “How do we survive?” seemingly in just a few short months. Partners, or even groups of partners, may depart from firms with fast-declining revenues; some firms may consider selling or merging; and others may simply dissolve. Some will even file for bankruptcy. While more than one industry report points to tough times ahead, there are steps firms can take ' many in the areas of accounting and financial planning ' to best ensure that they emerge from the current economic slump just as strong as when they entered it.
As businesses and a great many individuals feel the pain of the recent turmoil in the financial markets, the fortunes of law firms have been mixed. Business is picking up at firms with active bankruptcy practices, and angry investors are hiring class-action firms to fight over whatever assets the crisis leaves. Many law firms are retooling because of steep drops in areas such as mergers and acquisitions, litigation, and commercial real estate. Corporate legal departments report reduced spending on outside law firms. Spending is up just 3% in 2008, as compared with 6-7% last year, according to a Hildebrandt International survey in the second half of 2008.
Others are even worse off. Several high-profile firms have closed, and lots of smaller ones dissolved with little fanfare. Many others are moving onto financial thin ice and may be a client or partner defection from dissolution. In “survival mode,” firms are re-evaluating their structure, compensation, and overall organization.
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