As the national economy continues to struggle through slow growth in the aftermath of the 2008 recession, employment opportunities for new graduates and young professionals are at a premium. Lawyers and law firms have certainly not been spared. Reduced job opportunities, attorney layoffs, partner de-equitizations and even firm bankruptcies have been reported with increased regularity. Although the law may be a privileged profession, it is also a business and subject to the same market forces as other private enterprises.
In light of these economic uncertainties and reduced job opportunities, now more than ever, young lawyers need to allocate significant time and energy to business development. Unfortunately, business development is rarely taught or even mentioned in law school and law firms systemically fail to provide proper training or guidance to young associates. Therefore, it is incumbent upon young lawyers to take the initiative in establishing a future client base. This article explores ideas and opportunities young lawyers may consider in laying the groundwork for future business development.
