It used to be comparitively easy to establish a successful law firm. It used to be all about having the talents, skills and connections necessary to attract clients and then hiring the best lawyers money could buy to give those clients the best legal service possible which were the keys for the successful growth of a law firm. It used to be all about belonging to the right clubs, the right civic associations and having the right family connections needed to grow a practice and a law firm.
Or all you needed to do was reasonably well in law school, get a job in a good law firm, work hard, make partner and you would inherit a practice that would provide for you and your family, as well as those at the law firm who would succeed you at the firm for generations to come.
All of that has changed dramatically. Clients won’t come flocking just because you have the right connections. Nor will they necessarily be at your door just because you are a smart lawyer.
Most startling of all is the fact that the clients won’t continue to come flocking just because you’ve successfully recruited a crew of really bright law school graduates from the best law schools.
What a law firm needs to succeed in today’s competitive economy is not just smart lawyers, you need excellent marketing talent, a top flight IT team, a smart risk management team, outstanding legal project management professionals and excellent managers of your firm’s legal knowledge process management team.
With all of that in place, you have a fighting chance – but beware of the fact that competition is coming from every quarter, not simply from the law firm across the street.
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