Snatching up key partners, buying out firms, and coaxing new clients allows them to navigate the shallows while others founder.
The Secret of Foley & Lardner's Continuing Success
The unprecedented boom of the late 1990's was met with the recession in late 2001. Some firms went through a period of dramatic hiring on all levels during 1999-2000 to compensate for a perceived or actual increase in workflow coming from the booming technology and dot-com industries. A number of these firms found themselves overstaffed as the economy turned downward and as their dot-com clients stumbled and fell. Every firm tells a different story about surviving the recent recession. Foley & Lardner's success story stands in sharp relief against the cutbacks and disappointments at other firms, and their unique growth strategy may explain this phenomenon.