One of my favorite bloggers is Gerry Riskin over at the Amazing Firms Amazing Practices blog. Gerry recently posted a wonderful article about “Seven Key Strategic Factors in Order to Recession-proof the firm.” I have never understood whether recessions are good or bad for law firms. It seems to me that when recessions hit, companies start breaching their contracts, managers stop looking the other way when people are violating their rights and the overall sourness of the economy creates a more litigious mindset. Recessions are probably more likely to hit large law firms because their client’s tend to be megacorporations.
Regardless, what struck me about Gerry’s list is that it has perfect application for the day-to-day business of any law firm, in good times and bad. Here is the bullet list.
- Strong Leadership
- Ramp Up the Frequency of Financial Data Reporting
- Make the Hard Decisions Humanely and Fast
- Get Practice Leaders and Client Team Leaders focused on short-term action plans
- Involve Your Clients
- Manage Internal Expectations
- This Too Shall Pass
If you want the specifics, you’ll need to go to Gerry’s blog.