Editor's note: This is the second installment in a series looking at law firm revenue trends and how firms can grow revenue in the current market.
Want more revenue? There are five basic options. And none of them is easy.
Raise rates? Good luck.
Get more work from existing clients? Firms will have to start giving more than just lip service to cross-selling.
Get new work from new clients? Firms will need a strong value proposition to woo clients from long-standing relationships.
Hire laterals with portable books of business? This seems to be the far-and-away favorite right now, perhaps because it is the most feasible among a tough list.
Merge? Not easily undone if it's a wrong fit and, as with most of the above, it doesn't automatically equate to increased profitability.
In the old days, the market for legal services grew very quickly and the legal industry was one where many firms were doing well and other firms doing even better, said Chicago-based Joseph Altonji of consulting firm LawVision Group.