Midsize Firms Should Embrace Full Service
David T. Brown, Chair of the firm's Management Committee, authored an article for the Chicago Daily Law Bulletin on the reasons midsize law firms should embrace full service as the next big opportunity to stay viable.
Many midsize firms held fast and even thrived during the recession by responding to client needs with attentive service, reasonable and flexible fee arrangements and a large dose of empathy for their clients. In fact, there can be no doubt that a permanent shift took place with respect to how the marketplace views midsize firms. So what's next? Now that midsize firms are receiving increased attention—and business—due to their value propositions, they should embrace full service as the next big opportunity.
Ironically, the recession played an instrumental role in the resurgence of the midsize firm—once labeled by the media and others in the legal industry as a dying breed. With pressure all around to cut legal costs—especially expenditures on outside counsel—general counsel began moving business and relationships from larger firms to midsize alternatives that could offer senior counsel at more competitive rates. In response, many midsize firms expanded their offerings by shoring up bench strength or building new practice groups in high-demand areas.
These moves point to a natural progression for midsize firms: becoming more full service. But as you add new talent and expand your areas of service, how do you ensure that clients make use of—or even know about—these new offerings? There are four key strategies that I believe will help.