Improving Law Firm Profitability and Performance Amidst Reduced Demand and Tighter Budgets

Active

Program Number

3380

Program Date

2023-03-27

CLE Credits

Demand for legal services has shifted dramatically and quickly from two years of unprecedented growth and profitability to deep uncertainty and threats of recession. Most firms are employing a mix of budget tightening, layoffs, planned attrition, and conservativism in undertaking strategic initiatives. To sustain revenue and buoy profits without damaging the firm for the mid- and longer-term with excessive cost reduction and headcount reduction, a savvy portfolio of no- and low-cost business performance investments can be made even in times of economic uncertainty and slumping legal demand. We will discuss the potential damage in undertaking some of the tactics firms are employing and illustrate options that can not only sustain the firm but ultimately set it on a course to more sustainable profitability and deeper client relationships.

Learning objectives:

Understand firm business operations, client relationship building, and talent sustainability options to increase profitability in periods of slipping demand
Clarify no-cost and low-cost ideas and investments that should still be pursued even in a downturn.