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October 10, 2008
What your clients will do--and your firm needs to do.
Judgment Day. No, American capitalism is not dead. It's just morphing. Again. We're not headed for barter systems. Yanks are still the leader; compared to the U.S., the next most competitive economies on the planet are like Maynard G. Krebs, or maybe Borat, on downers and cough syrup. But while things shake out, corporate clients all over the world are going to change. Firms that advise, fight, solve problems and engineer for them must change, too. So start now. Get lean, get mobile, get agile.
Now.
In six months.
(T2 Photo: Tri-Star Pictures)
Posted by Holden Oliver (Kitzbühel Desk) at 11:23 PM | Comments (0)
The Recession: The next big things for your clients are...
A. Austerity. Your clients will try to: (1) Do only The Urgent. That means respond to/defend regulatory enforcement action, renegotiate loans, litigation, etc. (2) Do The Urgent only In-House.
B. The Status Quo. That's the Latin short for "the state existing before the war". Clients will not change outside counsel as frequently. Not as many new engagements. So hold on to what you have.
C. Real Value. When your firm is called upon to work for a client, that client will want Real Value. Real Value does not necessarily mean lowering your rates or doing flat-fee arrangements. It will be determined, as always, by the gut-level reaction General Counsel has in that first 30 seconds when he or she reads your invoice. So what RV did your firm add?
Posted by JD Hull at 12:25 AM | Comments (0)