Lawyers should go where the business is
It’s time to stop focusing on real estate, construction, banks, mortgage companies and airlines, according to Larry Bodine. Go where the money is: energy, steel, industrial metals, coal companies and railroads. See the 10 Best Performing Industries on MarketWatch.com.
This reminds me of the book written by Harvey MacKay, Dig Your Well Before You’re Thirsty or the phrase "… fish where the bass are…"
In other words, provide services that your clients need … If your skills are no longer in hot demand, modify your practice area to adapt your skills to the needs of the clients. If you’re in the larger firms, and are practicing real estate law currently, you might be better advised to learn bankruptcy or workouts to adapt your current skills to the needs of the clients. If you’re in a small firm or sole practice, this might be more difficult to accomplish with less personal economic impact, but still possible.
The key is to either provide services the market needs … or to have the capital to sustain the wait until the market comes back to your skills.Tags: Cash, Financial, flow, Management, Marketing