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Future Employment Considerations for Law Firms
For a few law firms, the post-recession legal world looks the same as it did pre-recession, but for most, it is one where significant changes must be made to their business models in order to survive and prosper. The firms requiring significant change are seeing their clients demanding more work for less money, fewer associates staying with the firm, competitors using different staffing models to compete ' and sometimes win ' on price, and the internal need to squeeze more profits out of a flat or slightly declining revenue stream.
Along with a basic operational focus shift from revenue to profits comes many interesting discussions and plans related to “efficiency” in the service delivery model. Absent significant, foundational changes, each model has a limit to the profitability level it can sustain. The business of law is based on a simple supply ' demand relationship and the demand patterns have changed and will not return to pre-recessionary levels any time soon. Some firms have already made significant strides with respect to driving down the costs of services provided on the supply-side of the equation, while those firms that have not already done so will likely be forced to re-design the structure of their attorney staffing, re-evaluate the types of lawyers they hire, evaluate lateral books based on the top and bottom lines, and re-structure how lawyers are developed within the firm.
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