Law firms face a unique set of challenges to stay competitive. Managing overhead, rates and compensation structure is a delicate balance. In a landscape shaped by constant regulatory and market shifts, firms need a plan to maintain long-term stability and growth. For small to midsize firms, offering a more diverse legal platform as part of a larger business model is a key factor in revenue generation, client retention and lateral acquisition.
Benefits of Practice Diversification
Firm Stability: Weathering the Storm. As firms of all sizes know, changes in market climate produce changes to the types of legal services in demand. While some areas of law remain in high demand, others languish due to clients’ changing business needs.
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