Trend

The Growing Trend of Law Firm Consolidations

Anyone who’s been paying attention to the legal landscape in recent years has likely already noticed the increasing number of law firms that are merging with other law offices in an effort to remain profitable while avoiding aggressive lay offs.  A. Harrison Barnes, attorney and LawCrossing.com founder says the proof is in the numbers.  In 2007, there were 54 law firm mergers in the U.S.  The following year, the total rose to 55 and by February 2009, there were 20 such mergers, which averaged out to more than two a week, with a new record being expected by year’s end.  So what’s it all about?

 

The LawCrossing.com founder offered a few explanations.  “The recession, a strong need to up the ante in billing rates and more large American firms facing lay offs of their associates are just a few of the reasons these mergers make sense on every level”.  Interestingly, since 2008, it’s the South that has seen more mergers and acquisitions than any other region.  In fact, in 2008, of the 55 law firms that were involved in these transactions, 22 of them were in the South and more specifically, the Southeast.  States such as Florida, South and North Carolina and Georgia are seeing a lot of these consolidations take place.

 

Another reason these practices are so attractive, says A. Harrison Barnes, is due to the “strength in numbers” concept.  Two firms might be succeeding, but when they come together, they often find they flourish.  Bringing two firms, each with its own clientele, has proven beneficial on many levels.  Clients are seeing these affirmations that their representation is on solid ground and making the right choices; that can only lend to more confidence in their legal firms.  Plus, it opens up the door for a new team of dynamic lawyers to come together as a team, each with his own specialty.  This makes it attractive for those big clients who have a wide spectrum of needs; it instills confidence.

 

While this might not mean new hires in the immediate future, it does position those firms into a much stronger perspective when the time comes that they do need to add associates.  “There’s no denying that the economy is on the mend; it’s just a much slower dance than anyone predicted and as a result, all sectors have had to revise their short term outlook and goals”, said Barnes.  “Once these firms are able to bring on new talent, it will be from a much stronger place that includes added benefits for both the firm and the associate”.

 

Many law offices are also considering what they can offer once merged.  Higher fees for specialized legal services are very attractive.  Clients like knowing that one firm can effectively handle all of his legal needs.  With more than 165,000 law firms in the United States, every advantage has the potential of being a powerful move that can make or break a firm.

Elizabeth Martinez – Ph.D. – Organizational Psychology. Provides you with a deep level of insight into your career direction and career development.

Small Businesses Now A Current Trend

Small businesses sprout like mushrooms nowadays. It becomes a trend these days because most people are making money out of their hobbies and passion especially when the market is just a click away and it is very convenient to offer products and services through the World Wide Web.

What are the reasons why people find small businesses very fulfilling that they become so passionate about it and cant wait to get started to have one? Heres why.

A small business is basically privately owned. You are the boss. You can decide on anything and everything on your target business from naming, designing, selling and so on. Generally, the small business is a family affair the owner-manager employs his wife and children. If the business grows, you can hire more employees, them being extensions of your family. You can hire some of your relatives and local community members or neighbors that you know personally you can trust.

A small business is low in capital but high in labor intensity. Small business also means small capital. Most people engaging in small businesses do not have sufficient financial resources, so they cannot purchase big machines or modern equipment. What is only possible for them to do is to use labor instead of machine in their business operations. These are usually in retailing and service industries.

One good small business example that uses simple equipment like the printer and a personal computer is the card printing business. You will only need a few people to run this business especially when your shop is just small and youre only printing products such as business cards, greeting cards, flyers and other simple printed materials.

A small business is efficient in specialized skill or service. It can produce well goods or services that are designed to the particular needs of an individual or a few clients. For instance, customizing cards like business cards require specialized skill and service; repair works on cars and appliances require individualized service. Also, tailors, barbers, real estate agents and others provide services that require specialized knowledge for specific needs.

A small business succeeds in small, isolated or overlooked markets. In rural communities where markets are small due to there are few residents, a small business is viable. For example, small restaurants, internet shops, and grocery stores are profitable enterprises in rural areas. Clearly, big corporations cannot survive in small towns where the demand is very much limited.

A small business often operates in an unstable market. Big corporations are careful with their investments. To be sure or safe in their business ventures, they conduct first a market research or feasibility studies to determine the business viability. Conducting this market research is actually a standard procedure in putting up a business which involves huge resources in terms of money, machines and materials. Such feasibility studies do not apply in most small businesses.

A small business is closer to the market. Not a few small businesses conduct their operations inside the market place. Being closer to the buyers, compared with corporations, you can get first hand information about your consumer tastes and preferences. Such advantage enables you to respond quickly to the need of the consumers. It is not possible for big businesses to act quickly to satisfy a new demand.

Lastly, the area of operation for small business is also small. This means the business is community based. The owner and the employees live in the community where the business is located.

Visit these sites for more information card printing and business cards

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