The current economic outlook is a jump ball. Market fluctuations, post-pandemic recalibrations, political uncertainties, and shifting global interests leave many fearful of another recession. The financial success many middle market law firms are presently experiencing can either serve as a foundation to weather an economic downturn or a final highpoint before their performance declines—or worse. These varying outcomes greatly depend on how a law firm manages its talent ahead of a potential recession, and the proactive steps taken to capitalize if one occurs.

The 2007 recession was an important wake-up call (and reminder) of the importance of preparing for economic downturns during the recruiting process, and of setting expectations for firm team members. The layoffs, furloughs, deferments and the retractions of offers that litter the landscape of recessions are unwelcome news for all. And though these painful periods inevitably come to an end, the fallout can be especially protracted for the unprepared. A firm can take steps to “recession-proof,” or perhaps more realistically framed, “recession-ready” itself through attorney retention. For middle market firms, prioritizing this approach is essential to maintaining a driven and diverse roster of professionals that delivers maximum client value in South Florida’s increasingly competitive legal environment.

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