The first six months of the current financial year have continued to provide satisfactory results for most law firms, but, for the majority, the last few months have raised further questions about how resilient law firms will be to the deepening recession. It is impossible to predict how the recession will affect legal businesses in the next financial year and we, like other firms, recognise that we need to be in a position to respond quickly to changes in levels of work.
Many firms have decided to take pre-emptive action by reducing their workforce to reflect tougher times – and some are already looking at further reductions. A law firm’s response to the recession does, of course, depend on the nature and shape of its business and we feel that a different approach is justified in our case.
