The Legal Industry Prepares for Its Own Bear Market (Published by Real Clear Markets)
News Michael Moradzadeh · August 8, 2022
With turbulent economic times seemingly ahead, all companies and businesses have a reason to be on high alert – However, the legal industry and other professional services businesses have reason to be especially concerned. After all, the recessions in 1987, 2001 and 2008 historically led to devastating collapses of the world’s top law firms.
Economic dislocation is always challenging, but partnerships and other non-public companies, of which law firms are a major component, have built-in structural weaknesses that make them particularly vulnerable to a “run on the bank” scenario.
Despite the COVID-19 pandemic and the ‘Great Resignation’ that followed as a socioeconomic ramification, it’s not a lack of work that causes partnership instability. Many firms are designed for balance in such a way that they are, if not recession proof, at least able to weather the storm.
Michael Moradzadeh is a Founding Partner and the CEO of Rimon. He is in charge of strategic partnerships and recruiting for the firm. Mr. Moradzadeh has presented on innovations in law firm management and business models at Harvard Law School, Stanford Law School, UC Berkeley Law School, and UC Hastings College of the Law. Mr. Moradzadeh has also presented to the board of directors of global law firms to help them innovate their own structures. Mr. Moradzadeh’s innovations with Rimon have received awards from the Financial Times and the American Bar Association Journal and have appeared in a wide array of international publications. Mr. Moradzadeh was recognized by the American Bar Association Journal as a top innovator in the law and awarded the Legal Rebel distinction. He was awarded Law Firm CEO of the Year 2021 at the Global CEO Excellence Awards by CEO Monthly. Read more here.