Law.com reported that yesterday February 12, 2009, six prominent firms sent more than 700 attorneys and legal staffers packing, in what may well become known as Black Thursday in the legal industry.
Lessons learned from some of the hundreds of law firm associates who have been dismissed during the past six months, are that jobs are scarce and competition for openings is fierce.
However, some practice areas are still hot in this cold economy especially litigation, bankruptcy, foreclosures, corporate securities and patent proceedings.
I can tell you from running a couple businesses, there are basically two ways to grow.
Either you take market share from competitors or you create a new market.
Adding to certain practice areas may make sense today, but this is not the optimal time to grow new markets. It's expensive and risky.
However, with so much fear and anxiety in the market, this is an excellent time to take market share away from competitors.
And, the flat out best way to accomplish this is to provide better service. Whether it pertains to billing, added services, or just anticipating clients needs better, this crazy market can represent an unbelievable opportunity for you.
