April 7, 2008
Business Development Opportunities For Law Firms In 2008
An article in the Tampa Tribune (hat tip: Estrin Report) reports that foreclosures are so high in some areas that firms are hiring as many as 200 additional staff to handle the workload. Foreclosures in Hillsborough County, Florida in February more than doubled the amount from February 2007 and is more than 5 times the foreclosures from February 2006. This reportedly is putting a strain on the "assembly line" approach firms here use to push these cases through the system.
This is an extremely worrying sign. Granted, the investment houses purchased in Florida may not be the primary residences of the owners. However, their investments were lost and many lost their savings in the process.
This is more evidence that the 2008 Client Advisory published by Hildebrandt and CitiBank is off the mark. There does appear to be offsetting legal work to be found. This is reassuring news to law firms, especially those who have expanded practice areas, that they may not suffer what the Client Advisory termed "the perfect storm" where all areas of practice trend downward with no offsetting surge of work.
However, it is likely that Congress will act to slow foreclosure activity on primary homes sometime this year. Though good news on the surface, Congress isn't very effective in softening the effect of a market correction.
Our economy is volatile. Opportunities for work will be everywhere but not necessarily in areas traditionally served by your firm. Firms need to prepare to be innovative in their business development approaches this year to take advantage of the continued fall out from the several market corrections that have happened and will happen in the coming months.
We have begun taking submissions for the 2008 Law Firm Economic Survey. If your firm is interested in participating, please contact Brian by clicking here.
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Filed under economic outlook by Brian J. Ritchey
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