How is your firm planning for long-term, law firm success in times of economic distress?

In the coming recession, client outreach will be at the forefront of law firm strategies for growth, but not every law firm owner understands what it takes to grow against economic headwinds.

The most important growth strategy for firms is easy and immediate access to capital. With quick access to a healthy cash reserve, smart contingency fee law firms can continue to run large-scale marketing campaigns to bolster their firm’s reputation. In contrast, competitors most likely will slash budget items and tighten their belts.

Is your bank or lender prepared and looking to the future? Are they proactively extending your law firm more credit? Making it easy to access your funds? Importantly, do they clearly note any additional fees and covenants required of you?

In an economic downturn, traditional banks may view contingency fee firms as especially risky clients, refusing to extend additional credit or instituting onerous covenants on law firm owners for paltry credit extensions.

Similarly, many lenders may use the fine print to their advantage, leaving firms with little recourse and a less-than-stellar experience in their time of need.

To grow, law firms need quick and easy access to capital. Watch the video above to learn more about the strategies for long-term law firm success, featuring Peter Webb, an experienced marketer and founding member and senior vice president of Scorpion, who’s been guiding law firms to conduct complex marketing strategies for over 20 years.