Well, “secrets” may be a bit strong, since what makes small to medium size law firms successful isn’t exactly rocket science. Prosperous smaller firms have very successful lawyers who never practiced in BigLaw, as well as those who did, but left because they no longer cared for the environment or life style in larger firms.
So, what are the “secrets” that make smaller firms thrive?
There are many reasons, of course, but one article on the benefits of small firm practices by Zack Needles with The Legal Intelligencer that appears on this month’s Law.com’s Small Firm Business gives us clues as to what five Pennsylvania firms attribute their success to:
- Niche practice within boutique firm;
- Attracting talent with strong capabilities, and focusing on “exceptional service and competitive rates;”
- Focusing on maintaining a high profile as “best marketing technique;” and
- Developing “personal marketing plans” with individual lawyer budgets and accountability.
Seems fairly straight forward, and worth taking a look at.