High Demand Should Motivate Partners To Move Now!
Even in these tough economic times, there is increased demand by law firms for partners with business. Why would any partner decide to move to another law firm in such a tumultuous economic market?
First, firms not equipped to withstand this extreme economic downturn will not be able to stabilize and survive. Therefore, it is imperative that partners assess whether or not their current firm is financially sound and will provide the best environment for their clients during the next few years of recovery and beyond. If a partner’s current firm is rapidly declining and is experiencing a high level of attrition and movement at the associate and partner levels, it could be exactly the right time to make a move.
Second, firms are expanding and diversifying their practices to better service their regional, national and international clients, so it is an excellent time for partners to seek out new opportunities at firms that are well positioned for continued growth and expansion and which would provide additional cross selling capabilities, and services to their clients.
Finally, although some firms are downsizing and closing their doors, other firms are expanding, merging and have recently launched new offices. Additionally, many firms are launching new and innovative niche practice areas. Thus, if you are a partner with niche expertise in areas that are or will likely be in high demand during this tough economic cycle, you could take advantage of these new opportunities and actually lateral to a more prestigious firm with a better platform.
Now is the time for partners to evaluate their current position. There are opportunities in every market, whether the economy is good or bad. Partners who can seize upon new opportunities in this down market will have better control of their careers and be in a better position to respond to their clients’ needs.
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