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EYE OF THE STORM
Survival itself was at stake
“From 40% decline in revenues to back in the top 10”
Situation
A Wall Street law firm faced 40% revenue decline during the 2008/2009 financial crisis. Traditional crisis response—client memos, generic webinars and alerts—was creating more noise than value.
Approach
Huddled a team around each key client relationship to get smart on the needs and sensitivities for each. Positioned the firm not as service provider but as partner committed to navigating the crisis together. Redeployed associates to help develop bespoke client intelligence specific to each client's situation. Leveraged partners' DC agency relationships to help investor clients stay ahead of the curve with what TARP would and wouldn't cover and how to access it. Information delivered to specific contacts who needed it, when they needed it.
Twist
The redeployment became an unexpected and valuable performance filter. While some associates were immediately responsive to this client-focused role, others proved unable or unwilling to adapt—giving the firm clear data for necessary cuts during a time when traditional legal work feedback had dropped. Those that thrived became distinct assets to the firm and clients they supported.
Result
The firm transformed its crisis into a catalyst. Having lost its dominance in profitability rankings before 2008, the firm used this deeply client-focused approach to eventually propel itself back into the league of the world's most profitable firms—a position it maintains today.
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