Given the economy, discussions among law firm partners have gone from “How do we maximize revenues and profits?” to “How do we survive?” seemingly in just a few short months. Partners, or even groups of partners, may depart from firms with fast-declining revenues; some firms may consider selling or merging; and others may simply dissolve. Some will even file for bankruptcy.

While more than one industry report points to tough times ahead, there are steps firms can take — many in the areas of accounting and financial planning — to best ensure that they emerge from the current economic slump just as strong as when they entered it.