by Traverse Legal, reviewed by Enrico Schaefer - November 10, 2008 - Uncategorized
It is certainly bittersweet watching the country and the world slip into an historic recession as large companies race to get in line filled with other failing megacorporations for government money and bailouts. The money will be spent, but probably will not help much. Most large corporations quite honestly deserve to fail. Market forces have brought them to this point. These same forces will not be much affected by a one trillion dollar band-aid.
I think there cannot be much debate about the fact that the failure of these large corporations will impact a lot of firms, especially large firms whose massive overhead can quickly turn them upside down and unavoidable fixed cost cannot be trimmed.
Out of the carnage which will no doubt come, new firms built on new ways of doing business will remain. As legal dollars start drying up a quicker pace, clients looking for alternative law firms willing to share risk, define cost and deliverables and adhere to process-driven (i.e. predictable) services. If there was ever a time to start differentiating yourself from your law firm from the one across the street, now is it. I now have little doubt that economic carnage and rebirth will in fact occur these next five years. Will your firm still be standing? Will it be ready for the new legal business models which will certainly be born on the backside of this recession?
As a founding partner of Traverse Legal, PLC, he has more than thirty years of experience as an attorney for both established companies and emerging start-ups. His extensive experience includes navigating technology law matters and complex litigation throughout the United States.
This page has been written, edited, and reviewed by a team of legal writers following our comprehensive editorial guidelines. This page was approved by attorney Enrico Schaefer, who has more than 20 years of legal experience as a practicing Business, IP, and Technology Law litigation attorney.
