The following is an excerpt from a Gene Commander article exploring sustainable law firm business growth strategies to counter the troubling shortage of affordable and productive talent that is jeopardizing the continued prosperity of Colorado law firms.
As the second in a two-part series on staying ahead of the talent curve, the column shows how small and midsize Colorado law firms can gain a competitive edge by building forward-looking business models and magnetic law firm cultures that enable these firms to successfully attract and retain highly productive talent. The article was published in Colorado Lawyer and can be read in full here.
Colorado law firms have entered a new era of uncertainty, in which attracting and retaining affordable, productive talent is among their toughest challenges. As explained in part 1, firms are facing economic uncertainty, a shrinking supply of talent, and volatile demand for legal services. This new era could represent a tipping point for business operations in law firms of all sizes.
Meanwhile, a nationwide price war for talent is driving up the cost of doing business for Colorado law firms, as Denver-area firms are increasingly integrated into the national legal economy. Many small and midsize firms in the state are suffering from the rippling effects of the price war for associates, paralegals, and business management staff that has been sparked by the Denver branch offices of national law firms.