Credit: auris/Adobe Stock Wave of Office Closures Highlights the Weighty Stakes Surrounding Law Firm Growth
"Just because a certain legal market is hot does not mean that you should be there," said Major Lindsey & Africa consultant Jennifer Moss.
October 09, 2024 at 05:00 AM
7 minute read
What You Need to Know
- 2024 has seen a wave of office closures linked to spotty integration practices and strategic missteps.
- Firms need to avoid stumbling into markets where they don't belong.
- The launch of a new office doesn't end at its opening, as firms need to build reputations in their new homes and develop new business.
If you're not growing, you're dying. And if you are growing, you must be thriving.
Put that at the top of the list of common law firm fallacies. Growth, whether rapid or gradual, is always a risk for law firms looking to expand their market share and boost revenues; but growth without a strategy, without partner consensus or understanding, and without a larger integration effort is where the true danger lies.
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