It is no secret that we have been and continue to operate in a hyper-competitive legal market and that firms need to adapt in order to thrive in this “new normal.” The financial crisis of 2008 brought about seismic changes in the legal landscape, resulting in a premier legal services market that is smaller and more competitive than ever. As the years have passed, the pressures have only continued to intensify.
How can firms respond to this? One answer is to introduce business principles to law firm management. As we all know, though, this is much easier said than done. Law firms are different places, primarily because they are not just businesses, they are partnerships, each with its own culture. Nevertheless, this does not change the reality that firms must become more business-oriented in order to succeed. No longer can even the most historically successful partnerships cautiously “wait and see” what clients need and simply respond to the market. It is essential to be proactive and strategic in business planning. The good news is that this is achievable while maintaining, and even enhancing, culture, if done in the right way.
