The worldwide economy crisis is now a reality. All countries are suffering the effects, one more than others and no sector or industry is not shielded against it.
By Santiago Mejía on December 3rd, 2008
In my particular field of expertise, lawyers and law firms are taking different actions in respect with this particular issue. Without doing a deep analysis on those actions, here are some of them for you to comment on.
1. Some lawyers and law firms are either freezing it´s fees or are suspending the annual fee increases plans; at least for some good loyal clients, that is.
2. There are some law firms that are limiting partner promotions or at least increasing the eligibility requirements.
3. Others instead are looking for alternatives in producing a constant level of income. This could be done by entering in “Monthly Fixed Services”, in which clients pay a fixed monthly fee and receive certain legal services (instead of getting billed “by the hour””.
The key issue is knowing what services to include and what not to.
4. And finally, there are some fewer firms taking advantage of this crisis and are recluting lawyers from other struggling law firms for a lesser value than before.
What are you or your firm doing to confront the crisis?.