Law firms in some regions of the world are going though uncertain times. One client, in eastern Europe, recently told me about how his firm's fee revenues had dropped by more than 60% after several clients refused to pay their legal fees for transactions that were aborted due entirely to increasing business risks in troubled economies.
At Walker Clark we believe that uncertain times can be the best times in which to invest some time, intellectual effort, and -- yes -- even some consulting fees in getting a crystal clear understanding of two issues:
- What are the most important strategic priorities for your firm over the next two or three years? In every time of financial uncertainty there are great opportunies just beneath the surface. The firms that succeed are ones that mine those opportunities. Your goal should not be just to survive troubling times, but to emerge from them stronger than ever before.
- What is most important to sustaining long-term profitability? How can you actually improve the productivity of your fee earners and make intelligent savings in operating costs? Your goal should be not only short-term savings, but --- more importantly -- long-term sustainable profitability that can immunize you from the ups and downs of price sensitivity in your market.
Don't get distracted! For more information on how Walker Clark can help your firm maximize long-term financial performance -- in good times or bad -- contact us at the telephone number or e-mail address at the bottom of this page.
Norman Clark