You are here

Strategic resilience: Protect your law firm from future recessions

Rob Millard discusses the economic trends in the UK and US legal services markets and how law firms can build resilience to future recessions

17 February 2015

It is now more than six years since that fateful Monday in September 2008
on which Lehman Brothers filed for Chapter 11 bankruptcy protection. For
many, that day marks the commencement
of the global financial crisis and, with it,
the most brutal recession since the 1930s.

For law firms across most developed markets, there has been an unprecedented level of change over the past six years. Deep cuts in the early days combined with systemic changes in the ways in which clients buy legal services have spawned
a new set of business models.

Law firms have become far more corporate. The laissez-faire approach that characterised many partnerships in the halcyon mid to late 1990s has, in many firms, given way to a more disciplined approach to both the business and the practice of law and perhaps, at last, to the realisation that separating the two represents a false dichotomy. Some firms have ceased to be, either thr...

Want to read on?

This article is part of our subscription-based access. Please pick one of the options below to continue.

Already registered? Login to access premium content

SUBSCRIBE for one User

Unlimited access to the entire SJ website for a full year for one user.

  • 10 issues a year delivered to you
  • Digital edition of the magazine for one user – sent to your inbox or accessible through the website
  • Access to premium content on the website
  • Access to the fully searchable online archive of Solicitors Journal, Managing Partner and Private Client Adviser, which spans over 13 years
  • Weekly email newsletter with all the latest news, analysis and features
  • Comment on SJ content and contribute to the SJ community online
  • Advanced search feature
  • Online support
  • Access to SJ app compatible with Android and Apple devices – coming soon!
  • 6 special focuses per year
  • Special offers and discounts on Solicitors Journal and IICJ events

Subscribe

CORPORATE SUBSCRIPTION

Your department or entire firm can subscribe to Solicitors Journal online, providing easy access for all who require it. Discount corporate subscription rates apply, based on number of users.

The Corporate IP Licence includes:

  • Digital copy of the magazine sent to individuals’ inboxes and accessible through the website. Solicitors Journal publishes 10 issues per year
  • Unlimited access to premium content on the website based on IP addresses
  • Unlimited access to the fully searchable online archive of Solicitors Journal, Managing Partner and Private Client Adviser, which spans over 13 years
  • Weekly email newsletter with all the latest news, analysis and features
  • Comment on SJ content and contribute to the SJ community online (username required)
  • Unlimited access to SJ app compatible with Android and Apple devices
  • 6 special focuses per year
  • Special offers and discounts on Solicitors Journal and IICJ events

The Corporate IP Licence is tailored to your firm, making it the most cost effective way for the firm to access Solicitors Journal, and enables the firm to remain compliant with copyright and our Terms and Conditions. This gives you the ability to print and circulate articles within the firm.

To enquire about a Corporate IP Licence for your firm, please contact our Subscriptions Manager on emily.beechey@solicitorsjournal.com.