The following is an excerpt from Gene Commander’s Law Week Colorado article discussing the pressing need for Colorado law firm leaders to honestly assess their firms’ financial performance in 2023 and prepare for 2024 and beyond by adopting smart growth business strategies. The full article is available here.

As we enter the fourth quarter, it’s time for Colorado law firm leaders to examine their firms’ key financial performance indicators for 2023, and to develop strong financial plans for 2024 and beyond. The door is still open to maximize profitability for this calendar year, and it’s an opportune moment to consider innovative business strategies to set the stage for continued prosperity.

Taking stock of a law firm’s financial health and crafting deliberate strategies to address fluctuating client and talent expectations are essential elements of a smart growth business model – one that is designed to foster continuous learning, growing and investing in human capital to confront the current uncertainty in the business of law. The Colorado legal market is facing high inflation and interest rates, shifting client demand and a potentially crippling price war for talent, as national firms play a larger and larger role in Colorado’s legal industry. Moreover, demographic, educational and professional trends are causing profound workforce changes as baby boomers retire, younger lawyers move into leadership roles and attrition rates grow.