More managing partners will be confronted with the problem of how to preserve their firm’s culture, values and professional and administrative support complement when money is tight. At meetings and retreats that I have planned and facilitated, partners are openly discussing the implications of the continued economic downturn that may result in fewer clients, lower revenue, reduced profits and, ultimately, the need for fewer attorneys at the partner and associate level.

There is no question that earlier recessions have forced many law firms to make dramatic and, oftentimes, drastic changes. Managing partners are beginning to believe that the difficult business decisions that have to be made by some firms when planning for a recession will erode the sense of loyalty and close working relationships that once existed between partners and between partners and associates. This article describes several strategies that a managing partner should consider when developing a plan to survive a recession.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]