Law firm profitability continues to be under attack. Despite official reports that the The Great Recession ended last year and the continued rise in the stock market, the squeeze on law firm profits continues unabated.
The continued economic upheaval has also kept corporate law departments under continued enormous strain.
Challenging times require creative solutions. One approach, already used by a number of law firms is the establishment of new business models, while maintaining their curent business model, albeit with the current business model itself evolving to meet current market challenges.
These new business models entail the creation of law firm subsidiaries and affiliates which complement the services of the law firm itself. Some law firms have jumped in to these new waters with both feet.
At te same time, law firms should be enhancing and deepening their relationships with law firm clients by greater use of lawyer secondments. Seconding a law firm's associates to a client offer many distinct advantages for both client and law firm. It enhances the relationship between client and firm. Pressures on corporate law departments are alleviated efficiently with the addition of well qualified and well trained lawyers, with knowledge of the corporation's legal affairs and needs, in a fashion having distinct advantages over corporate use of temp staffing agencies.
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