Large Law Firms Stumble as Clients Search for Value
The economic downturn is forcing large law firms to lay off lawyers and support staff across the country.
While large firms downsize, smaller firms continue to grow. Boutique law firms (smaller law firms, which focus on a single area of the law) are hiring to accommodate a steadily increasing work flow. Contrary to popular thought, specialization, not diversification, garners the flexibility necessary to attract clients looking to streamline services. With lower overhead costs, little debt, and more personal client contact, boutique law firms are better positioned to adjust to rapidly changing client demands.
Small firms, including those which specialize in intellectual property, corporate securities and employment, have the agility which attracts clients seeking an alternative to the "one firm fits all" culture. On Law.com, one legal recruiter notes: "Some intellectual property boutiques may be benefiting from offering clients lower rates at a time when many clients are trimming costs and perhaps seeking one-stop shopping for patent prosecution and litigation work." Whether it is the cost benefits, a dedicated expertise, personal attention or accessibility, recent hiring indicates clients are scrambling to take advantage of the benefits of small firms.
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