Times of transition are strenuous, but I love them. They are an opportunity to purge, rethink priorities, and be intentional about new habits. We can make our new normal any way we want. – Kristin Armstrong
The recent closing of the Toledo, Ohio law firm of Cooper and Kowalski provides another reminder of the nature of competition in today’s marketplace.
The law firm, once one of Toledo’s largest, faced three obstacles that make competing an uphill battle:
- Increasing difficulty recruiting top law school talent;
- The departure of lawyers; and,
- Fixed infrastructure cost.
For Cooper and Kowalski the challenges and the additional issues they precipitate eventually left the firm with few options other than dissolution.
It is not breaking news to any law firm leader that the evolution of competition within the profession is growing daily. A firm is either gaining on the competition or facing increasing risk of its own demise.
What is your firm doing to ensure its survival?