Published in Legal Management, May 2009
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Most law firms and lawyers (along with everyone else) would like to forget 2008. Yet there's no indication that 2009 will be better – and it may well be worse. Law firms clearly are not immune from the economic woes and financial crises experienced by other business. Even for firms not suffering severe financial distress, the operating equation today has become a simple one: Profits equal revenue minus expenses. When recession cuts revenue, cutting expenses is the most feasible way to preserve profitability. Virtually any law firm can be run more efficiently and economically, but firms should be wary of cutting indiscriminately.
