I understand we can all cut back in hard times. But, what I am saying is that if you feel the need to retrench, you were not running your law practice as you should have been operating it in the first place.
Retrench constitutes a race to sustaintially reduce costs and spending in response to economic difficulty.
The bigger question you should be asking yourself is why did it take a jolt to the economy or your firm's business to decide that maybe you could do without that receptionist, or replace WestLaw with a cheaper service, or reduce the amount of space you have under lease, or move your practice home?
The tragedy is no that you find that you can curtail expesnes, but that you were not doing so all along.
If you can do without these things now, you could have done without them before. The question becomes, why is it that when you are making more money you believe you can simply waste it?