Wall Street Journal Article Touts Advantages of Small Law Firms
Smelling a trend, the Wall Street Journal recently reported that small- and mid-size firms are gaining business, while large law firms are suffering the effects of the recession. The article focuses on the area of law where businesses looking at their bottom lines are turning two more affordable, smaller-sized law firms.
Economies of scale aside, for professional partnerships such as law firms, smaller can often be better. As a small firm, Lynam & Associates has long kept costs down to stay affordable for companies and other clients looking for reasonably-priced legal services. Big firms have to budget in payroll, huge rent costs, hiring and recruiting costs, running huge filing systems and databases. Next to the sleek efficiency of a small firm, the big behemoths are looking less attractive.
Of course, lower costs are not the only advantage of going with a small or mid-sized firm. The article discusses the flexibility that smaller firms provide, especially as to billing rates and availability of flat-fee services. Large firms offer prestige and size, but an old and experienced firm doesn’t necessarily offer more experienced or efficient lawyers. As large firms continue large-scale layoffs, their attorneys are increasingly forced to seek profitabilty from a shrinking number of clients.