We are experiencing what has been called a “once in a century credit tsunami.” The credit crisis is affecting the stock market, the real estate market, and consequently everyday people. Americans are learning to distinguish needs from wants, and we are reducing our expenditures (by choice or by force) accordingly. Solo and small firm attorneys are no exception.
I think of “firm culture” as internal branding. It’s how people approach their work and each other. I maintain that firm culture isn’t exclusively the domain of big law, but also applies to attorneys working in solo or small firms as well.
One solo attorney might run a strict 8-5 show in an office, wearing a suit, while another practices “in bunny slippers,” at his home whenever the fancy strikes him. This disparity between two people in technically the same job is a result of differing firm cultures.
Assessing your firm culture allows you to tweak it when it no longer serves you well. In times of social change in particular, firm culture must adapt. In the last decade, we’ve seen a change of focus toward collaboration and understanding. Recent economic conditions have prompted another wave of change in firm culture.
Some ways in which attorneys are adapting is by cutting costs, outsourcing overflow work, changing billing structure, and downsizing to solo practices. If the current economic trends continue, I believe we will see philosophical adaptations as well.
Money will become less important in life, and people will be forced to reevaluate their priorities, returning to the things that “really matter.” Family, community, and personal interests will be renewed as free time will be less occupied by spending. This will transfer over into attorneys’ practices as an increased concern about clients as people, not just accounts. Clients will start demanding more in terms of personal attention, as they will feel that they are paying their hard-earned cash for not just a legal mind, but also an advocate.
While many big firm lawyers will hang onto the paychecks they are getting for as long as they can, those that can’t and some of the more ambitious will join the ranks of solo and small firm attorneys. Solo and small firm attorneys, now more atuned to the non-monetary things in life, should start feeling increased confidence in our choices, as we enjoy professional freedom that our corporate counterparts lack. You can only worry about getting fired if there is something who has the authority to fire you.
It is certainly smart for solos and small firms to take pragmatic steps to deal with tough economic times, but I believe we should keep in mind the silver lining. Even if income decreases, we are still fortunate to have our freedom, and to be in control of our financial situation.
There isn’t a day goes by that I don’t feel like I am growing as a person and as a professional, and I didn’t always feel that way working on someone else’s agenda. Money or not, that aspect of my solo firm’s culture won’t change. I hope that my solo and small firm colleagues feel the same way.
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