What’s Your Firm’s Survivability
Afew months ago, economists confirmed what many of us have sensed for a while — that the US economy has been in recession since March of 2001, exacerbated by the events of September 11. As a result, US law firms are increasingly anxious about what’s in store for them. Will this recession be a non-event like 1981 and 1986, where law firms seemed immune from the woes of the rest of the economy? Or will it be more like the wrenching events of 1990-92 with layoffs, hiring moratoria, reduced partner incomes and the business failure of major firms? In large part it depends on the economic health of not only your law firm, but its clients, as well. And your vulnerability to the economy is influenced by your ability to survive reduced profits and loss of clients in a recessionary environment.
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