Some Firms Still Finding an Upside in the Downturn
Over at the Law Marketing Blog, Larry Bodine writes that in spite of the economic downturn, some firms are still doing quite well, thank you very much. But how are they doing it? For that, Bodine turns to an analysis by Robert Denney, a marketing and strategic planning expert.
For starters, those firms staying busy during the downturn are focusing on still-hot practice areas such as litigation, intellectual property and one we've mentioned before: bankruptcy. Mid-sized firms are also taking advantage of clients' desire for lower rates and alternative billing by opening offices in other cities to meet the ever-growing demand for innovative or flexible fee structures. Successful firms are also taking the time to strengthen client relationships and to ramp up productive marketing measures while jettisoning costly methods that don't generate return on investment. Finally, firms are firing slow-paying clients, realizing that they're costing the firm more money than they're worth.
Bodine isn't sure how long the growth trend will continue for these firms, but at least for now they appear to be successfully riding out the economic storm.
Posted by Carolyn Elefant on March 18, 2009 at 03:09 PM | Permalink
| Comments (3)