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Strategies for Coping with Recession

By Joel A. Rose

When money is tight, managing partners at many law firms are confronted with the problem of how to preserve their firm's culture and values. At meetings and retreats this author has facilitated, partners openly discuss the implications of the continued economic downturn that may result in fewer clients, lower revenue, reduced profits, and, ultimately, the need for fewer attorneys at the partner and associate levels.

There is no question that earlier recessions have forced many law firms to make dramatic and, often, drastic changes. Managing partners are concerned that the difficult business decisions that have to be made when planning for a recession will erode the sense of loyalty and close working relationships that once existed between partners and between partners and associates. This article describes several strategies that a managing partner should consider when developing a plan to survive a recession.

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