Authored By: Amanda Unterreiner
Depending on when you started your career, you may or may not have worked in a recession before. And if you are at a solo practice, you may not have older lawyers in your practice who have worked through a recession. While there will be a slowdown during a recession, like there was during the pandemic, fortunately for your business, people will continue to need lawyers. Here are a few tips from Attorney at Work to prepare your practice for the recession.
- Make sure you have a line of credit. It is great for your business to have a line of credit set. If you need it, the rates will be much better than using a credit card.
- Check up on your expenses. Take a look at all of your expenses. Which are not unnecessary or don’t give you a good return on investment? What programs, subscriptions, etc. are worth canceling? Look at your contracts and see when you can cancel.
- Take a look at your team. As people start to lose their jobs, you have the opportunity to hire team members who are more experienced or more fit for your firm.
Check out the article from Attorney at Work here for more tips.
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