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The partners at the small firm, whicn has 11 attorneys, quickly reevaluatecd their business plan andcost structure, aggressivelyg recruited new clients and reduced overhead by renegotiating their lega malpractice insurance premiums and outsourcing informatiob technology functions. “Our practice is a bit broaderr than other firms of asimila size, and while the real estate and businesas practice has slowed a fair bit our business litigation practice has always been said partner Jim “When the pie shrinks, people tend to fight over it more. This has helpedr us keep a better balance.
” For the firm wasn’t shy abouy shopping around for quotexs on legalmalpractice insurance, which can cost about $100,000 a year per It also saved more than $15,0000 by outsourcing I.T., getting a remote host server and upgrading its existinf phone system instead of buying new equipment. Law firma are businesses much like any and the recession is leading many attorneys to pullout time-tester strategies for keeping costs in line whilwe looking for new ways to make money. Smallerf law firms, which are hit especially hard if one clientr leaves or cutsback significantly, are trying to be innovativs and resourceful. One strategy is diversification.
Smalo to mid-sized firms, which usually employ fewer than25 attorneys, specializde in certain practice arease rather than trying to be a one-stop shop for legalo services. For example, a law firm best known for negotiating new real estatde deals now has to showclients it’s just as stronyg in selling assets, or even bankruptcu issues. And it’s essential to buildr a solid network with other firmsa and attorneys in town who can offer expertise and legak services in areas a small firm saidBarry A. Sullivan, managing partner for Bickerto n LeeDang & Sullivan.
“Eventually, you may want to grow into thosse competencies, but for a relatively small firm, trust that your clients willappreciate that,” he said. Most firms rely on referralx and word-of-mouth, which most partners say is more valuable thantraditionak advertising. “Our best marketing is the work we do for our saidDuane Fisher, managinf partner of , which specializes in corporate finance, commercial litigationh and real estate law and employs 23 “And so often, clients on the othet side of the table, who’ve even been represented by someond else, would give us a call and ask if we coulc work with them on an unrelatede case.
” To maintain relationships even when litigatiob isn’t pending, firm partners frequentlyu take clients on “lessons lunches to rehash recent cases and see what came out of Small firms also try to link up with nationalo firms and groups. Honolulu civil litigation firm , which has 11 attorneys, was picked to join the Internationa Society of PrimerusLaw Firms, which toutx itself as an exclusive international alliance of small, independent law The application process was partner Arthur Roeca said. Even in the firms such as , which specializes in commercial litigation, aren’t afraid to grow and expand.
It has 17 attorneys and two new associates will join the firmin “Being smaller forces you to be creativ e to find a solution, and one of the thingsz that sets us apart from our competitor s is we don’t look at ourselves as just lawyerw providing legal services,” said managing partner Harveh Lung. “We’re problem We hire every year and, no matter we’ve never not hired, because the business mode l depends on the firm continuingto
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