A review of top legal news right now will reveal that many firms emerged from 2020 in a mood to make splashy plays, even in the face of continued uncertainty. That includes announcing market-leading associate salaries and bonuses, entering the burgeoning talent war and pursuing growth through mergers or acquisitions. While that might have been a successful strategy for some firms, particularly those in BigLaw, it’s probably not going to work for most midsize firms.
In looking back over the past 18 months, I’ve found that my own firm, Pryor Cashman, was able to get through the COVID-induced turbulence of 2020 and 2021 by taking an approach that valued constancy over change and steadiness over activity. Pursuing measured, organic growth in line with our midsize firm’s values, we have achieved record revenues this year. This is despite a market that continues to experience volatility from the pandemic. We have also been able to reverse personnel reductions implemented in 2020—and even added to our ranks.