It’s no secret that the recession has prompted firms to take dramatic steps: delaying new hires, laying off associates and instituting pay cuts. What may be less obvious is the extent to which economic and technological forces have fundamentally changed the legal profession. With the decline and collapse of many Fortune 1000 businesses, firms are chasing a diminished pool of clients, and those clients are in the driver’s seat. Outsourcing and the use of sophisticated knowledge management systems have given clients the means to rein in spending on outside counsel. Clearly, it’s no longer business as usual.
Like every other enterprise hit by the meltdown, law firms need to rethink their entire business model. Doing so could be the key to making it through the crisis. For particularly forward-thinking firms, this recession could be an opportunity to adopt a new business model that helps them thrive.
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