LawBiz® Legal Pad: The Times, They Are a Changin’, Part 3
Ed continues his conversation regarding the changes facing today’s law firms to remain competitive.
Corporate clients have the ability to explore other markets in search of better rates from attorneys who will provide good quality work. Ed share a few suggestions to help you in your practice of Business of Law®
THE WORKFLOW PROCESS
Law firms must acknowledge the changes and adopt the better changes to the workflow process to remain competitive.
* Be more sensitive to client costs
* Be more aware and have a better understanding of your client’s business
Reducing small expenditures will add up to a significant savings
Keep overhead to a minimum while maintaining efficiency.
Be prepared for the eventual increase in business after the economic rebound.
HIRING AND RETAINING TALENT
Advancement will be based on merit instead of seniority
It is critical to provide CLE to top talent to retain them.
Compensation will always be a part of retaining top talent. Plan ahead for this necessity.
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