“I was seldom able to see an opportunity until it had ceased to be one.” — Mark Twain
We’re headed into a tough economic season and law firms are going to be affected (effected? I never get that right) like everybody else. But tough times don’t hit everyone equally. The prepared survive the storm better than the unprepared; some folks may even thrive.
Gerry Riskin and Robert Millard have written a great article called “Weather the Storm” on how to survive an economic downturn. They list out seven key factors for “recession-proofing” your law firm, including the importance of making difficult decisions quickly, developing short term action plans, and keeping one eye on your firm’s long term strategy. It’s a quick read and well worth the time. (It was published in a Canadian publication, so don’t be thrown off by the inset French version of the article.)
While all of the points made in the article are salient, the one that stood out to me was this: as important as it is to prepare for the challenges posed by a downturn, smart law firms are going to also be on the lookout for opportunities. Or as the authors note, the Chinese character for “crisis” is made up of two symbols: “danger” and “opportunity.”
Use this handy guide to jump start your thinking on recession proofing your firm. But don’t forget to keep an eye out for the opportunities that may come along.
(For those of you who are unfamiliar with Gerry Riskin, he is a management consultant, co-founder of Edge International — an international management consulting firm, and the author of the excellent practice management blog, Amazing Firms Amazing Practices. His co-author is also a business strategist and partner in Edge International.)
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