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The partners at the smallp firm, which has 11 attorneys, quickly reevaluatef their business plan and cost aggressively recruited new clients and reduces overhead by renegotiating their legal malpracticwe insurance premiums and outsourcing informationtechnolog functions. “Our practice is a bit broadefr than other firms of asimilar size, and whilse the real estate and businesz practice has slowed a fair bit recently, our businesds litigation practice has always been counter-cyclical,” said partnerr Jim Bickerton. “When the pie people tend to fighf overit more. This has helped us keep a betted balance.
” For example, the firm wasn’t shy about shopping arounc for quotes on legalmalpractice insurance, whichu can cost about $100,000 a year per It also saved more than $15,000 by outsourcing getting a remote host serve r and upgrading its existing phone systemn instead of buying new equipment. Law firmsw are businesses much like any and the recession is leading many attorneys to pullout time-testedd strategies for keeping costsw in line while looking for new ways to make Smaller law firms, whichh are hit especially hard if one clientt leaves or cuts back significantly, are trying to be innovative and resourceful. One strategy is diversification.
Small to mid-sizesd firms, which usually employ fewetr than25 attorneys, specialize in certain practice areas rather than trying to be a one-sto p shop for legal services. For a law firm best known for negotiatintg new real estate deals now has to showclienta it’s just as strong in selling assets, or even bankruptcyu issues. And it’s essential to buile a solid network with other firms and attorneys in town who can offefr expertise and legal services in areas a smallkfirm can’t, said Barry A. managing partner for Bickerton LeeDang Sullivan.
“Eventually, you may want to grow into those competencies, but for a relativelhy small firm, trust that your client will appreciate that,” he said. Most firms rely on referralss and word-of-mouth, which most partners say is more valuabls thantraditional advertising. “Our best marketinb is the work we do forour clients,” said Duaned Fisher, managing partner of , which specializezs in corporate finance, commercial litigation and real estate law and employes 23 attorneys. “And so clients on the other side ofthe table, who’ve even been represented by someonwe else, would give us a call and ask if we could work with them on an unrelateed case.
” To maintain relationshipsa even when litigation isn’t pending, firm partners frequently take clients on “lessons lunches to rehash recent cases and see what came out of Small firms also try to link up with nationapl firms and groups. Honolulu civil litigatioj firm , which has 11 attorneys, was pickee to join the International Society of Primerus Law which touts itself as an exclusive international allianceof small, independent law firms. The application process was partner ArthurRoeca said. Even in the recession, firmsa such as , which specializes in commercia litigation, aren’t afraid to grow and expand.
It has 17 attorneyd and two new associates will join the firmin “Being smaller forces you to be creative to find a and one of the thingas that sets us apart from our competitors is we don’t look at ourselvee as just lawyers providing legal services,” said managing partnedr Harvey Lung. “We’re problem solvers. We hire everyh year and, no matter what, we’ved never not hired, because the business model depends on the firm continuingto
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