The old term “survival of the fittest” is taking on increasing importance as the result of the dramatic increase in competition for a declining volume of profitable transactional work in most law firms.
Managing partners and members of executive committees need to analyze their operations and adopt immediate goals of one to two years and long-range goals of three years and longer for their firms to continue to thrive. Any managing partner that continues to rest on the laurels of his or her firm’s past accomplishments, without adjusting to the recent economic downturn, is placing their firm at risk.
Keys to the Future
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