Boosting the Bottom line When the Economy Tanks:

Strategies for Law Firms

2.0 MCLE Credits in Practice Management

For many lawyers, recent years represented an era of plenty, typified by record earnings and substantial distributable income to partners. There was plenty of cash to go around and partners were satisfied with their firm’s profits and their net income. During the economic downturn beginning in 2008, however, the landscape has changed dramatically. The current climate has precipitated a slowdown in the amount of new profitable transactional business, reduced utilization of professional personnel, underutilized associates and less than profitable partners, slower payment of bills by clients, increased receivables, “overstaffing” of professional and administrative personnel, higher overhead, excess office space.

During this two-hour seminar, faculty members describe proven short and longer-term strategies available to law firms to boost their bottom line when the economy tanks – and do so in a way that does not create problems when the eventual recovery comes around.

Agenda

I.     Role of the Managing Partner as a Leader

II.    Strategies for Enhancing Revenue and Profitability

III.   Dealing with Under-utilized Attorneys and Staff 

IV.    Changes in Compensation: Partners, Associates and Staff, including:

V.    Increasing Lateral Recruitment to Upgrade and Expand Your Firm’s Expertise
       to Better Serve Existing and Potential Clients

VI.    Enhancing Relationships with Existing Clients

Program Faculty

Joel A. Rose, Esq., Moderator, Joel A. Rose & Associates, Cherry Hill, NJ

Peter A. Giuliani, Executive Director, Smock Sterling Strategic Management Consultants, Weston, CT

Arthur G. Greene, Esq., Bedford, NH

This program was recorded on March 31, 2009