Legal Profession Outlook and Priorities for 2023
In December 2022, Of Counsel, the legal profession publication known as The Legal Practice and Management Report, published its annual end-of-year issue in which law firm leaders across the U.S. identify their top-priority resolutions for the upcoming year. Matt Addison, Managing Partner of our Reno office, was interviewed for the feature article and his quoted comments are excerpted below. The complete Of Counsel December issue is available here. In January 2022, Matt was also quoted in the Of Counsel feature article titled “What’s Hot, What’s Not: A Projection of Growing and Slowing Practices in 2022.”
Recession on the Horizon?
While economists, policymakers, business leaders, consumers, and others all look to the approaching new year with the economy in mind, law firm leaders also consider the financial metrics and revisit their strategic plans—this year more than most, for many reasons. Turning to the US West we asked the always thoughtful and forthcoming Matt Addison, the managing partner of the Reno office of Nevada’s McDonald Carano for his thoughts. “Our primary goal for early 2023 is to properly prepare for the recession we believe is likely to begin, in earnest, just after the end of Q1’23,” he says adding that this means remembering the past before heading into the near future.
Operational Planning
“We are attempting to gather advice from experts, recall all of the moves that helped us stay profitable over the last two recessions – as well as learn from our mistakes, and employ what we learn and remember in … specific areas,“ Addison says. “[F]inancially, we plan to budget conservatively, limit expenses, raise our hourly rates to keep up with inflation, and internally stress best practices with regard to retainers, timely billings, and aggressive terminations of clients (if non-payment occurs).”
Training and Staffing
Addison says McDonald Carano often and wisely considers strategic objectives when it comes to hiring and staffing. “With regard to our personnel,” Addison says. “We plan to: (a) protect our transactional attorneys by cross-training some, involving them in bankruptcy and litigation matters where appropriate, and focus on funneling ‘workout’ projects to them, and (b) avoid overhiring, except as necessary in busy bankruptcy and litigation practice areas.”
Collaborative Culture
Maintaining collaboration and positive chemistry also serves as an important resolution for 2023, Addison says: “Psychologically, we want to find every way possible to foster and protect a positive firm culture by resolving differences and increasing interactions within and between the offices to eliminate the difficulties that will be exposed by the stress of a recession.”
About McDonald Carano
McDonald Carano has been shaping Nevada’s legal, business, and policy landscape since our founding in 1949. With more than 60 lawyers and government affairs professionals working from offices in Reno, Las Vegas, and Carson City, we are Nevada’s law firm for business. Our local, national and international clients include Fortune 500 corporations, fast-growth and mid-market companies, entrepreneurs and startups, non-profit organizations, government entities, and high-net-worth individuals. Our attorneys deliver cross-discipline, one-stop, business law and government affairs counsel. Please visit mcdonaldcarano.com
Media Contact
Mark Buckovich
mbuckovich@mcdonaldcarano.com
702.257.4559
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