In my previous blog post, I talked about how law firms have much in common with – of all things – philharmonic orchestras. Both are traditionally revered institutions with roots that are hundreds, if not thousands, of years old. However, because of changing times, both the traditional law firm and the classic municipal orchestra are finding themselves in trouble.
In the old days (i.e., 25 years ago), it was sufficient for law firms to operate pretty much as they always had. The better ones offered quality legal services at a fair price with a commitment to client service Similarly, there was a standard model for a city’s orchestra, and it had worked fairly well throughout the 20th century. While a few orchestras across the country made up the brightest stars that the others could only hope to emulate, most orchestras were able to find a solid, if not stellar, position in their communities in which they had a relatively consistent stream of patrons and revenues.
But newly arrived competitors can wreak havoc on one’s carefully laid plans, and today both orchestras and law firms are finding that just keeping that solid position is not as easy as it once was.