How to Grow a Law Firm
In 2008, there was a global economic adjustment of historic proportion. While the Great Recession played havoc across all business sectors, in the legal industry it fundamentally changed tenets of client acquisition and retention that had been around for centuries—as a result, many law firms downsized, others de-equitized partners, and still others just went out of business. During that same time, Quarles & Brady opened two offices and scooped up multiple key lateral partners, who have bolstered the firm’s practice offerings and capabilities.
Quarles & Brady defined firm strategic imperatives for growth and drove them through to implementation: adding the right resources to help Quarles mature as a multifaceted firm, including the development of local, regional, and national practices; recruiting laterals in differentiated areas of law; letting the availability of the right talent and the right opportunities dictate potential new office locations; holding tight to the firm’s middle-market wheelhouse; and paying extremely close attention to cultural fit. It was never about selecting a location where the firm would like to operate and opening an office there. The result was improved service capabilities, in areas of strong and/or growing market demand, with the right talent to make Quarles competitive with the biggest firms in the world, able to serve clients in any location. That’s how you capitalize on an economic downturn and reposition your organization for growth and success in a new landscape.