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.
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