Times are challenging for law firms, no doubt, but the 2009 Law Firm Client Advisory from Hildebrandt, part of Thomson Reuters Consulting Services, can provide some context.
You can find the report on the Hildebrandt Web site.
In partnership with Citi Private Bank, Hildebrandt outlines in great detail the major problems large law firms in the United States faced in 2008 and the impact these issues may have on their economic outlook.
The advisory also covers expectations and trends for the U.S. legal market in 2009.
“2009 will be challenging for most firms,” the advisory states. “At the same time, we also think that the current downturn offers an opportunity to
rethink some of the basic assumptions about how law firms should be
structured and how they should deliver their services.”
The report concludes, “In our view, firms that remain strategically focused and that are not afraid to “think outside the box” in terms of how they do their business may well emerge from the current crisis stronger and better positioned to compete in the future than before this crisis began.”
Posted by Kevin Hunt, senior communications specialist, Thomson Reuters