How to Profit in the Upturn

How to Profit in the Upturn

I met with a number of law firm management committees toward the end of last year and most were concerned with how to deal with recession-related issues.  But one managing partner stood out.   At the beginning of a meeting to discuss cost cutting, possible downsizing and related activities, he said, very forcefully, "This meeting is just fine and necessary, but there are two ground rules.  One, we are not developing plans to hunker down and protect the status quo, and, two, I want equal time spent on thinking about how we are going to be in front of our clients and competitors when the upturn comes." His was a refreshing and fundamentally sound business position.  He recognized that opportunities for continued growth and profitability need to be ferreted out now, at a time when competitors may be timid or hesitant.  By doing so he could gain a competitive advantage.

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