Using the recession to a law firm's advantage

Rupert White Posted By Rupert White
from Burlington Media Group

With the economy in its current state, and the legal industry perhaps not as recession proof as previously thought, law firms are looking into ways to cut costs in order to improve profits. Previously I suggested ways to improve margins through cost cutting and other options, but another point that has been getting a lot of press is first years' salaries.

In today's economy, it is not the best time to be coming out of law school. Over 4000 lawyers have been laid off this year, never mind the newest law school graduates; lawyers are fighting amongst themselves for each job. So instead of keeping starting salaries at their current level, let the economy (market forces) help drive the price down.

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