Wednesday, January 14, 2009

Looking to Law Firms for Strategies to Overcome Bad Economic Times

Posted by Amanda Walsh

This interesting article posted this week on by Michael Lasky, the head of the PR practice group at Davis & Gilbert LLP, shows that PR firms could stand to learn a thing or two from common law firm practices. All of these tips can also be applied across the board, from small businesses to corporations.

Due to current economic conditions, many law firms have experienced a decline in business along with many other industries. Still, not all are struggling- Lasky points out four lessons that can be learned from law firms that have flourished.
  • Successful law firms know their brand and have a clear idea of "who they are and where they want to go." This is also true for successful businesses. Evaluating your company or law firm's mission statement and branding strategy will help to narrow the focus and allow you to focus your energy where you're most successful.
  • Law firms review the firm's practice areas. Executives weigh options for cutting certain areas and re-focusing energy to others. This is the best way to optimize on the firm's strengths. Businesses can follow suit when weathering economic recessions by keeping in mind that just like the law industry tends to grow in areas such as bankruptcy and litigation support, many businesses may lose some areas, but benefit in others.
  • Lawyers maintain on-going client relationships. By continuing to foster important relationships through issuing progress reports, alerts and updates, your client gets a sense of your commitment to them. This will keep your company at the forefront of clients' minds in the future.
  • Law firms maintain open internal communications with employees. Silence only feeds rumors and anxiety about the strength of the company as a whole; therefore, management needs to make every effort to reassure employees.

1 comment:

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