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For small law firms and solos, economic opportunity ahead
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Some of the big firms are hurting. With their bloated overhead, and ample stables of egos, cutting costs may be difficult in these though economic times.
Also difficult will be maintaining clients willing to pay big firm prices of $400 to upwards of $1000 per hour. If big firms don't adjust, then smaller firms stand to gain runoff clientele.
My prediction is that the least secure job in law these days is with larger law firms. From paralegals to associates, the big players are undoubtedly going to have to make some cuts and some choices.
So what can smaller firms and solos do to position themselves to gain from the economic storm?
First, decrease overhead where possible. The lower your overhead, the more able you will be to bargain for some institutional clients. They may get you on the cheap now, but if you swallow your hourly pride and accept the work, and then do a great job, their loyalty will remain when the recession ends.
Second, personally go after some of the corporations that may have previously eluded you and your firm. Start by taking the remaining in-house counsels in your area to lunch. If you ace that relationship, you stand a much better chance of gaining their business.
Third, don't panic when you see the reported numbers for lawyer incomes go down. Keep in mind that the reports are driven by the large firms. You need to be confident to get through this, and if you are, you will thrive.
