Sooner or later everyone experiences a lack of client demand. Depending upon the severity of a particular slowdown, a single attorney, section or the entire firm may be impacted. Quickly working through the various stages of issue recognition and denial helps mitigate the potential loss of capacity and capability and the resultant losses of income.
The legal market is tighter than ever. In far too many instances, I hear firms and partners attribute underperformance to a tight legal market services. However, I believe it would be more honest to acknowledge that underperforming firms or partners may not effectively responding to this changing market. For example, traditional law firm thought is that increasing billing rates and/or hours are the primary drivers of profitability, and cost effective staffing mixes and efficient overhead structures are secondary components with limited utility.