The economic crisis in the United States was quite deep, and the ripple effects hurt the global economy, which contracted an average of 8% throughout the world. Some folks believe that there are recession proof businesses, or even recession resistant businesses. One might assume that lawyers and attorneys would always be busy no matter what because in the economic downturn companies have to sue for breach of contract, or smaller companies are filing for bankruptcy causing even more court paperwork and thus, need to hire an attorney.
However, this is a false assumption as law firms and lawyers are hurt by economic downturns. They do much better during expansion; in a business cycle where there is lots of business being done and everyone has cash flow, and they need to hire attorneys to build their businesses. With more business being done there is also more litigation which occurs.
Now then, in times of economic expansion many law firms are quite busy, and the smaller ones are often running around like chickens with their head cut off. These solo professionals are so busy they are working from six o’clock in the morning till eight o’clock at night, and there is little time to run the business. Even with the business manager partner it’s difficult to market the law firm, and manage it all.
Remember there is a lot to do, there is a lot of bookkeeping, recruiting of new clients, billing customers, handling complaints, dealing with all the paralegals and staffing of the law firm itself. It may look easy, but it’s easier said than done. Still, the rule of thumb here is, and this is something that all attorneys and small law firms should remember; “You Must Run Your Law Firm, Not Let It Run You!” Please consider all this.
Lance Winslow is a retired franchisor – Lance Winslow’s Bio. Lance Winslow is formerly the CEO of WashGuys family of franchises for instance one of Lance Winslow’s favorite companies on the team; http://www.windowwashguys.com/links.shtml.
Legal experts not averse to entry of foreign law firms – Yahoo! India News
New Delhi, Oct 29 (PTI) Legal experts from United Kingdom and India today came on a common platform here to push for the opening up of legal profession to foreign firms and lawyers in corporate matters. Legal experts from UK dismissed talks about the conflict of interests between foreign and Indian lawyers and said opening up the sector would greatly benefit both the countries.
“There will be no conflict of interest if UK lawyer comes to India and practice here. There is a misunderstanding that such step will harm the Indian legal community.
On the contrary, both of us will be going to benefit from it,” said ”No5 chambers practice” director Tony McDaid in a seminar here. He said their target area will be Indian companies which have UK links.
“Indian lawyers learn from expertise from foreign law firms and will also improve the confidence of foreign investors by rendering better services in India,” said D C Singhania, a founder member of law firm Singhania & co. One of the co-organisers Jaideep Sethi said there were various legal issues involved in it which needs to be addressed before allowing foreign firms to freely work in India.
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