Law Firm Success in a Recession
Are you looking for law firm success in a recession? You’re not alone.
“Law Firm success in a recession” is one of the most searched terms on Google these days.
But you don’t have to search very hard or look very far.
There are plenty of attorneys making money in these difficult economic times.
You read that correctly.
There are dozens of examples in almost every specialty. Real estate, employment, immigration, corporate transactional attorneys, all have law firm success stories that you won’t find in any newspaper. These firms are just beginning to “hit their stride” as the recession seems to be in its darkest days.
How are they doing this?
All of these successful firms have three things in common:
1). Fiscal Flexibility:
Firms that have had success so far during the recession have had the ability to adjust their economic model.
A condo association attorney in South Florida was able to adjust to paying his five team members once a month instead of every other week. This helped him manage his cash flow and adapt to the slower payment patterns of his clients.
A twelve-member firm that specializes in Intellectual Property Law in New York City let their office lease expire and allowed all the members of the firm to work virtually. They pay $500 per month to use the conference room in a larger firm’s law office every two weeks for staff meetings. The firm saves the $18,000/month rent, and everyone loves the fact that they can now work from home.
2). Real Work for Real Lawyers:
Another characteristic that is common to firms doing well in the recession is the “can do” attitude of the principles/owners of the firm. The small firms thriving in these difficult times are made up of lawyers who roll up their sleeves and get dirty. That means they actually do the work – and lots of it – themselves.
A real estate attorney in Miami who had been handling ten closings per week with a staff of 5 people just 18 months ago is now working on double that number of loan modifications – with one other person – and making about the same money.
3). Maintain a Continuous Focus on Marketing:
This is not that time to be shy. Now is the perfect time to aggressively market to your target audience. Why? Because your competitors are cutting marketing expenses.
A husband and wife attorney team in Georgia gives estate planning seminars twice a month in a local church basement. The majority of the questions they answer are about the economy’s current state, but they always come away from those seminars with a few new clients.
One member of my Private Client Experience, a corporate transactional attorney, has steadily increased his client base during the past six months by moving to a weekly newsletter from a monthly newsletter. The key to his success has been to offer timely, relevant information to his prospective clients on handling issues specific to an economic downturn.
Your small law firm or solo law practice can do well despite the economy. The keys are to stay flexible, be a trusted advisor, look for every opportunity to save money, and keep getting your name in front of your prospective client base.
Are you interested in learning from other successful attorneys? Check out my Inner Circle Business Business Development Community. This is a group that meets each week and helps each other grow. Access is limited. Get your application in now.