Law firms and businesses in general could be in for a “rocky” next few quarters, industry analysts say. How should they prepare for an economically shaky period ahead? Law firm leaders and industry observers say it’s a matter of understanding and tracking their business, as well as being clear about their aspirations. Some are already shifting attorneys from slower practices to busier ones, or easing up on hiring.
Just because there’s some softness or uncertainty in the near-term doesn’t mean a firm should nix its long-term plans to do that merger, add that group, or open that office. At the same time, a firm that’s still overcapacity in certain practices or certain rungs of experience may revisit its hiring, or redeploy lawyers to areas that are bound to be busier, such as litigation, employment and restructuring.