Recession Proofing – An Update

In late February 2018, I released a column titled "Recession Proofing – Why Now? Perhaps the Better Response is Why Not?" It seemed to have struck a nerve with the legal industry. So much so, I thought it worth an update given the possibility of a recession in 2022 / 2023 and the best strategy for law firms to embrace to survive and prosper in a downturn.

While not an economist, a recent presentation by the Bank of Montreal reinforced the possibility that we are again on the precipice of a recession (Copy of my notes below).

As with most successful strategies, the strategy I propose law firms embrace to prosper before, during, and after any recession is simple but will be challenging to execute.