I read a scary American Lawyer article the other day. The Next Recession Could Cost 10,000 Lawyers Their Jobs.
You need to read the entire article, but here is a quote I found interesting:
Over the past five years the average Second 50 firm increased its equity partner leverage from 2.6 to 3.0. It’s noteworthy that the increase came primarily through increasing the number of nonequity partners and “other lawyers,” which captures both staff attorneys and counsel—senior attorneys who are close to partners in capability…When business softens, their position is more circumspect.
Law firms will first cut the lawyers who have not attracted, retained or expanded relationships with clients. It’s not too late to start working on client development. If you don’t want to pay someone to help you, try my Video Client Development Coaching Program which is free this month. Make sure and use this Participant’s Guide as a workbook as you watch the video series.