This post serves to conclude and recap my series on the unwinding of the current “bubble” which the legal profession is in. I decided to write on this issue due to the fact the economics of the legal profession is showing extreme signs of stress. Current trends indicate that the bubble, which has been building for years, is deflating. This is going to leave quite a few attorneys looking like this:
The good news, however, is that lawyers who choose to run their firm like an actual business are going to be the ones who suck up a large, large, large, large, percentage of profits going forward. Becoming one of those attorneys is not going to be hard. Personally, I don’t think that growing your practice going forward is like shooting fish in a barrel, it’s going to be more like shooting a whale in a small puddle. Seeing exponential growth, while other firms fail, is simply going to be a function of the choices you make.
I looked at multiple issues over my recent articles. These discussions dove into topics such as:
- How the attorney bubble was created
- The decline in demand for legal services
- Why law firms are rapidly consolidating
In looking at what’s going on with law firms, these articles looked at a pesky thing called “facts.” Those who choose to ignore the changes that are occurring are likely to find themselves in a bad spot. Those who choose to embrace the possibilities which currently exit, however, can easily find themselves making a boatload of ‘da cash. I’ll be following up this series with a multi-post discussion on what successful firms will look like going forward and such firms will be departing from the typical attorney business model.
Want to be successful going forward? Pay attention to our coming articles. If you don’t….then don’t.