The key to driving significant revenue increases, in spite of the current volatility, is to bend your efforts toward maximizing your rainmakers’ effectiveness.
In 37 years of practicing law and consulting to law firms, I have never witnessed anything that approaches our now-commonplace economic volatility. As I write this, there is breaking news of another global law firm suffering the impact of major economic reversals in one part of their world.
That “Doom and Gloom” image below is the headline from a post at my “Amazing Firms, Amazing Practices” blog, dated August 3, 2007. As you may recall, the legal economy at that time was robust, with no end to continuing success in sight. I was nonetheless deeply concerned for the future, for the reasons I set out in that article, and felt compelled to sound a warning.
This article is not about “doom and gloom,” or about the pessimism that naturally flows from these economic times. No doubt, the news is depressing — legions of staff and associates have been laid off, to be followed by salaried partners and even by equity partners in many firms. Profits will be down for some time to come, and the profession overall faces tremendous uncertainty. Some firms are panicking, while others are ready to give up hope.