Will Better Times Mean Business as Usual?
by Allan Colman
Many economic forecasters are predicting that the recession will end later this year. should law firms slink back into business as usual? Smaller, nimbler firms have taken advantage of the opportunity to stretch themselves, and many clients have learned that bigger isn’t necessarily better. Small and mid-sized firms have been scrappy with legal sales, and working to land business that may previously not been accessible to them. But when the purse strings start to loosen, will those same firms be deemed second best?
Perhaps not. With a proven track record, law selling and business development projects in a post-recession era will keep the door open for bigger fish. As the wounds from a rough financial crisis begin to heal, there are indications that corporations won’t soon forget the circumstances that caused the crisis in the first place. In other words, they are open to alternatives—working with smaller firms are at the top of list..
So what does that mean for your firm? If your firm has been one of the many that have benefited from the newfound interest in firms outside the beltway, it means stay the course. Keep fees palatable. Be accessible and respond quickly. Be amenable to new ideas and new ways of doing business. Be a business partner to your client—have the same goals they do.
Allan Colman is an expert in helping law firms with legal marketing. CEO of the Closers Group, a business development consulting firm for lawyers, Allan Colman has helped to generate millions of dollars in new business for attorney clients.
