The number-one topic of discussion among most partners these days is the implications of increased competition from within and outside the legal profession, resulting in more firms chasing fewer clients, lower firm revenues, reduced profits and, ultimately, the need for fewer attorneys at the partner and associate levels. This article describes several strategies that should be considered by managing partners and administrators so that firms can improve their profitability.
Develop a Short-Term Plan
Today’s competitive environment requires that all law firms engage in some type of strategic planning. When properly conceived and implemented, this planning process enables lawyers to reach consensus on shared goals, identify benchmarks and develop action plans that include timetables and lawyer accountability for performance.
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