A recent piece in the US based National Law Journal suggested that many firms are not digging deep enough to see where they can cut expenses and increase efficiency. All good stuff - and just the type of article that inevitably emerges with increasing frequency during difficult economic times.
But managing a firm successfully during a recession is not necessarily all about cutting costs. Let me highlight two points that, whilst not disagreeing with the need to manage a firm's cost base, also suggest that carefully considered expenditure can provide real benefits in the current climate.
One law firm member of MSI Global Alliance (www.msiglobal.org) reported recently that they had cut back on a number of staff, and were taking a much more rigorous approach to expenditure control on a number of fronts. At the same time, though, they had increased the headcount in the marketing department. They obviously recognise the opportunities that exist in the current market for mid-sized firms to pick up work, often from larger clients who are looking for a more responsive and cost-effective service.
Secondly, we at MSI Global Alliance have seen a strong number of enquiries from prospective firms wishing to join us. Of course there is a cost involved in terms of joining an international association, but clearly those contemplating membership recognise the value of such a link, even in these troubled times.
James Mendelssohn (jmendelssohn@msiglobal.org)
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