Law Firms: Be Prepared! There's more tunnel at the end of the tunnel. Careful Planning is Now Essential


2009 caught law firms largely by surprise, without any adequate plans in place to deal with the malaise then affecting the legal profession. 2011 now looks even more frightening for law firms. Law firms continue to confront extreme economic turbulence. The harbingers for the economy bode particularly badly for law firms. Law firms confront new competition from outsourcing firms, which are now offering their services directly to clients, circumventing law firms, which previously subcontracted these legal outsourcing firms (LPO’s). Even as fixed costs for law firms inexorably rise, despite dramatic expense reductions undertaken during the last eighteen months, corporations continue to reduce their budgets for retention of outside counsel. Added economic factors are adding to the challenges facing law firms: An unsteady lending market, further weakened by the current mortgage foreclosure crisis; the failure by the Federal government to take the steps necessary to revive the economy; the likelihood that the resurgence of the Republican Party will further exacerbate any efforts of the Federal government to take desperately needed measures to revive the economy. But now that law firms can and should see over the horizon, meticulous planning for the coming months are crucial.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jerome Kowalski, Kowalski & Associates | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »


Jerome Kowalski
Kowalski & Associates

Jerry Kowalski is the founder of Kowalski & Associates, which provides law firm management... View Profile »

Follow Kowalski & Associates:

Reporters on Deadline

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.