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In the December, 2008, issue of Marketing the Law Firm, we began a series entitled “Researching the Economy.” Our discussion continues this month with a look at client-potential research.
Wouldn't it be a happy world if the graph below were of a firm's annual profits, in ten thousand increments? Regrettably, it isn't. The graph shows quarterly business bankruptcies nationwide, as reported by the American Bankruptcy Institute. Between the first quarter of 2006 and the fourth quarter of 2008 (the most recent quarter for which data was available), bankruptcies have soared 316%.
Sadly, news of our economy grows bleaker every day, and we have been told by countless economists, pundits, and even our new President, to expect more of the same in the coming months. Many are asking, “Where does this leave my firm? How are our clients handling the myriad problems of the credit market, lower consumer spending, and fluctuating oil prices?” While the first article in this series addressed the former question, this article seeks to provide strategies for investigating how clients and potential clients are weathering the economy, as well as how to find opportunities in the gloom.
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