Preparing for an Economic Slowdown: A Law Firm Playbook for Building Stronger in 2023

A looming economic downturn has clouded law firms’ 2023 planning. After two strong years of profit driven by pandemic-related anomalies, firm leaders are facing slowed demand for services, pressure on rates, and an unstable talent landscape. But the current environment nevertheless provides a unique opportunity. Building on recent fundamental changes in how firms think and operate, firms can take actions that can not only substantially improve their profit margins, but also build stronger for the future.

To help law firms navigate through these challenging economic conditions and position themselves for future growth, HBR recommends a potent mix of initiatives to accelerate down the field in 2023 and win in the years that follow. The game plan is designed to play offense: improve performance, reset the firm’s cost structure, and build capabilities for the future. HBR presented this “Building Stronger” playbook in a December 2022 webinar, which is the basis for this white paper. Our playbook encompasses proven initiatives addressing practice group profitability, revenue cycle management, alternative service delivery, legal administrative assistant model modernization, real estate optimization, and vendor governance.

Recession Playbook LP