Small and Mid-Sized Firms Poised For Growth

According to a recent article in Boston Business Journal, small to midsized law firms are poised for future growth even during these difficult economic times. “We believe that we can prosper in this downturn,” says Robert P. Maloney, managing partner at Prince LobelTye LLP, a firm with 68 lawyers currently on board. “We are well-positioned to take advantage of this marketplace.”

Maloney says that one of the keys is making sure that the client knows they are getting value. “The fact that we can charge less helps us, but that’s not how we maintain clients,” he says. “It’s by showing them that we understand their business and provide value.”

Maloney says that Prince Lobel “had a good 2008” and is adding “at least three more lawyers in the coming weeks.” Prince Lobel maintains much lower overhead costs than the larger firms and offers flexibility in billing, and Maloney stresses that communicating with the company’s general counsel is the key. “GCs don’t want to be penny-wise and pound-foolish,” he said. “We’ve seen where that ends up. It costs more.”