29. Lessons for Law Firms During a Market Downturn
In a bear market, clients become more strategic, they reduce demand, cut their spend, and spread the work around. The real impact is the shift in power from the talent back to the client. As the available work declines, and clients become more inquisitive and discriminating. Not just in rates, where traditional old sensitivities return, but in how the legal services are actually provided.
June 17, 2022 at 08:38 AM
2 minute read
The original version of this story was published on Lean Adviser
As the talent wars subside, savvy firms are refocusing on the battle for the clients.
It wasn't that long ago that we ran our mini-series on "people" wrapping up with how to retain associates during the talent wars. The talent wars may be over, so where does that leave the law firms, the talent, and the clients?
That talent wars were a once in a generation challenge for law firm leaders. Suddenly, the talent pool had acquired power and influence. This gave the talent power to influence how law firms operate, and it was met by a new-found concern among firms for their talent. Money, smoothies, yoga, and of course, more money. Some would argue that this wasn't so much law firms caring about the talent or even caring about the clients, as much as it is caring about themselves. All the while, this was just a spike in an economic cycle. At some point, it had to end.
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