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Reducing Headcount May Not Be the Best, or Only, Option to Weather an Uncertain Economic Climate

By Valerie Chan
May 01, 2023

In an economic downturn, the easy option is to conserve and preserve cash by reducing headcount and slashing external vendors. And in the wake of recent layoffs by law firms, corporations, professional services and legal tech companies, it seems almost second nature to join your peers when the financials aren't looking so good.

But is this in fact the right thing to do, especially if you want to grow?

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Play the Long Game: React with Caution

Let's take a closer look at the cause of the current uncertainty. It seems reasonable to assume that the recent general slowdown in growth is attributable to two primary factors: the hibernating economies resulting from the pandemic shutdowns and the subsequent spending spree that resulted from the government's infusion of cash into the economy.

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