Three lessons

Three lessons

On Monday 14 June 2010, I had the privilege of moderating a panel discussion about the adoption of a business approach to law firm strategy.  This was part of the very successful Managing a Modern Law Firm conference, organized by the Law Firm Management Committee and the Latin American Forum of the International Bar Association, and was held in Buenos Aires.

As part of my comments, I discussed three general lessons that many law firms worldwide have learned from the economic crises in 2008-2009 (and continuing into 2010 for some countries).

  1. The need to be alert to emerging economic and geopolitical trends before they arrive in the form of a crisis
  2. The need for a more intense focus on profitability, particularly with respect to lawyer productivity and efficiency
  3. The need for fully-informed business decisions, based on facts, not hunches or hopes.

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