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Expenses Down for Small and Midsize Firms, but Revenue Down Faster
The National Law Journal
Smaller and midsize law firms have been able to reduce expenses -- but revenues have declined faster than their ability to trim costs. That's according to the recently released Survey of Law Firm Economics, conducted by ALM Legal Intelligence. The survey shows that firms reduced expenses by 1.8 percent last year, but revenue slid by 4 percent. But on the positive side, the firms surveyed, depending on size, are able to collect their fees 96 percent to 98 percent of the time despite the downturn.
Chartwell Law Offices Opens Third New Office in 5 Months
The Legal Intelligencer
The Chartwell Law Offices has opened in Medford, N.J., marking its third new office in five months. The firm opened the new location last month with the addition of new partner Harry R. Blackburn, former head of Medford-based Harry R. Blackburn & Associates. And Chartwell CEO Clifford A. Goldstein says there are "three or four more potential deals happening." Goldstein says the recession has led to "a lot of little cracks that have been opening all over the place," meaning a wealth of hiring opportunities.
Personal Injury Veterans to Merge N.J. Firms
New Jersey Law Journal
Kenneth Javerbaum and Gerald Baker are among New Jersey's leading personal injury litigators and teachers, and now they're going to practice together in a 22-lawyer operation. As of next month, Baker and his two partners will be of counsel to 19-lawyer Javerbaum Wurgaft Hicks Kahn Wikstrom & Sinins. Baker says PI firms of one, two or three lawyers often are hard-pressed to find time for law, the business of law and coping with best practices. Joining a larger operation is the right solution for his firm, he says.
Solo and Small Firm Attorneys Branch Out to Make Ends Meet
The Connecticut Law Tribune
Lawyers have begun noticing some unfamiliar faces in their area of specialty. And given the state of the economy, they don't think it's a coincidence. They say solo practitioners and small firm lawyers have been forced to branch out in order to stay afloat financially during lean times. Yona Gregory is a solo attorney in Connecticut with a real estate law practice who has taken on more criminal defense work as housing values have plummeted. "I have seen a lot of solo real estate people in the criminal courts," she said.
Using Crisis Communications to Protect Your Law Firm's Reputation
New Jersey Law Journal
There are many recent examples in the news of crisis situations that law firms should be thinking about if they are serious about protecting their hard-earned reputations with clients, prospects, employees and the communities where they have offices. Unfortunately, many firms still do not adequately prepare for the worst when it comes to their business, writes consultant Rich Klein. He provides some steps a firm can take before a crisis, during a crisis and after the crisis begins to subside.
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