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?
I had to retrench when all my money (in spite of medical insurance) went to doctors and hospitals after a cancer diagnosis. This was before the Great Recession began in 2007.
But, you know what? It's kind of fun. I've discovered that store brands are ever bit as good as the major labels, and I appreciate other things more than material goods.
Life can actually be quite enjoyable!
Posted by: Corinne A. Tampas | August 11, 2011 at 09:48 PM