Crash Course: How a Small Group of Firms Pivoted and Profited After the Recession
Firms including Cooley, Paul Weiss and King & Spalding used the Great Recession to chart a new path to success.
April 24, 2019 at 04:20 AM
12 minute read
The original version of this story was published on The American Lawyer
Before 2008, most law firms could get a piece of the pie without much strategy guiding how they got it. And then the pie was gone.
The Great Recession changed the global economy and the legal industry as we knew it. In the decade since, very few firms have had a solid stream of revenue increases, Bruce MacEwen and Janet Stanton of law firm consultancy Adam Smith, Esq. say.
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Since fiscal year 2009, only 27 of the 100 firms on the Am Law rankings have had year-over-year growth in revenue, according to ALM Intelligence data.
The firms that are pulling away share some characteristics, Stanton says. They tend to operate in a more business-like way, which means a focus on profitability, intentional planning, strategic intake and succession planning for leadership roles and client management, she says.
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