Navigating the Turbulent Waters in an Evolving Legal Marketplace
In a down economy, more law firms are likely to fail for a number of reasons that might not cause their downfall in boom years. And the reasons can run from how the firm is managed to how it isn’t marketed.
Judd Kessler has an article in the October issue of the Texas Bar Journal…
Now is not the time to panic. Panic can take several forms in today’s economic climate; most notably in the firing of lawyers and staff, hounding clients for payment (not smart marketing for the long term), and cutting costs excessively. That is part of the message garnered by LawPRO magazine from a panel of knowledgeable…
After reading for months about tons of layoffs of both lawyers and staff by BigLaw firms, one may think that the legal business is in trouble in this down economy. Not so fast. An article to the contrary by Thomas Adcock appears in the recent issue of Law.com’s Small Firm Business.
Adcock points to…
The American Bar Association recently asked lawyers to predict the future. Over 14,300 lawyers responded, and yesterday the ABA issued an early summary of the survey results to those who had participated. Some results:
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Thanks to John Moore at Brand Autopsy for the alert to Neal Stewart’s YouCan’tBuyThat.com blog, and especially his post “Recession Marketing Strategies.” Both John and I particularly liked Neal’s strategy when it comes to existing customers (read clients):
"Find ways to engage in conversation with your heavy users and fanatical consumers. More than ever, your…
The ABA Journal is surveying lawyers about the job market and the current state of the economy. Since I’ve had several posts on this blog about the down economy and its relationship to marketing, I’m thinking my readers might want to see how they compare to other lawyers out there in the legal marketplace.
Although…
Although we lawyers were taught in law school that we could do brain surgery – if only the light was right, please don’t utilize a surgical knife when scrutinizing your coming year’s marketing budget.
As many investment advisors (oh yeah, we were taught we could do that too in our sleep) are telling their clients…
Recently, I did a post on how important it is to stay close to your clients in these troubling economic times. Well, it seems that the idea is supported by Hildebrandt’s “Special Client Advisory: Fall 2008.”
The special advisory suggests nine steps for firms to consider in weathering the storm; and includes such things as …
While some may be in denial, Warren Buffett writes in an Op-Ed piece in The New York Times (free registration required) that the “financial world is a mess”… but that he is now “buying American stocks.” He’s talking about his personal account (not his Bershire Hathaway holdings) which traditionally has been entirely in U.S. Government bonds.…
Some law firms will feel the pinch more than others during the current downturn. But all firms will feel it one way or another. Whether it is less work, losing clients because of mergers/acquisitions, or because of difficulty in collecting fees from financially stressed clients. When it comes to making payroll or paying your lawyers, what …
