The ABA’s Top Ten Tips for Operating Your Law Firm in a Recession
One of the great things that could come out of this recession is the increased efficiency that businesses (including law firms!) must achieve to survive in the market. Here comes a summary of the ABA’s list followed by a link to the full text :
1. Make sure you have enough cash on hand to survive – even if revenue drops by 25%.
2. Think about increasing your line of credit.
3. Be diligent with the books! Think about asking for retainers from “risky” clients.
4. Control travel costs, expand employees’ responsibilities, and use efficient technology.
5. Find ways to cater to clients as they too face the recession.
6. Expand your skill set.
7. Make your firm attractive to potential clients who are looking to find affordable outside counsel – keep your fees low.
8. Keep your current clients because finding new ones is EXPENSIVE!
9. Market yourself online (check out our post about blogging lawyers).
10. Use unwanted free time to increase your worth – training, CLEs , paid court appointments, and pro bono work . Check out this link to a database of pro bono opportunities in every state!
Source: ABA Journal