Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

Law Department Management Law Firm Management Law Firm Marketing and Business Development

Reducing Headcount May Not Be the Best, or Only, Option to Weather an Uncertain Economic Climate

One of the lessons we learned — or should have — from the pandemic was that, from a market share perspective, if companies are not visible and in front of customers, it is hard for them to retain existing clients and prop up market share

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

In an economic downturn, the easy option is to conserve and preserve cash by reducing headcount and slashing external vendors. And in the wake of recent layoffs by law firms, corporations, professional services and legal tech companies, it seems almost second nature to join your peers when the financials aren’t looking so good.

To continue reading,
become a free ALM digital reader

Benefits include:

1 free article* every 30 days across the ALM subscription network
Exclusive discounts on ALM events and publications
Your choice of 9 email alerts with Breaking News from any of LJN’s best-selling newsletters

Already have an account? Sign In

Already have an account? Sign In

*May exclude premium content

Accounting & Financial Planning for Law Firms › May 2023 ›

Read These Next

Four Legal Ops Traps That Can Stunt Growth

By Brian Corbin

For legal stakeholders seeking to take their existing legal operations programs to the next level or start new programs from scratch, there are a few all-too-easy traps that can stunt growth, cost political capital and cause headaches. Having a strategic plan, budget and critical executive buy-in is not enough to avoid these four common issues.

Read More ›
Using the Generational Gap To Enhance Engagement

By Marcie Borgal Shunk

In an era where the power dynamics in the legal industry are shifting decidedly to talent, a firm’s ability to tap into generational differences to invigorate, attract and retain talent is a competitive advantage.

Read More ›
Law Firms Saw Moderate Revenue Growth In Q1 Despite Challenging Demand Environment

By Gloria Gomez-O’Rourke and Mike McKenney

Strong inventory levels at the end of 2022 helped the law firm industry post moderate average revenue growth during the first quarter of 2023, though the demand environment remains challenging for law firms.

Read More ›
Client Development Through Law Firm Health & Hygiene: A Practical Guide

By Alex Geisler

Your clients are what they are, clients. The idea that they can be turned into bigger clients by you developing them is a myth. If you need to develop yourself to make your clients bigger — such that they send you more of their business more often — how do you go about it?

Read More ›