Bob Bernstein over at his firm’s blog had an interesting post about his observations at the New York CLLA Fall Convention. While the sagging economy is impacting everyone, for Creditor’s Rights practitioners it all depends on who you represent and those that you pursue that determines if the market is good or bad for your business model.
Unfortunately it seems as if the economic crisis is here to stay for the foreseeable future. According to NYU Stern School of Business Professor Edward Altman, by this time next year, the corporate default rate will be somewhere between 8.5 percent and 11.1 percent. That means there could be three to four times the number of corporate bankruptcies we’ve seen over the past year. And each one of those will probably involve layoffs which will make it harder for both pure collection attorneys and commercially focused lawyers to get paid.
Now is the time for consumer and commercial collection attorneys to differentiate themselves from their competition by promoting their profile/name recognition. Expanding the public knowledge of you and your practice through writing, speaking, working with the press, giving seminars, increased search engine placements will help to make sure that as the number of profitable (collectible) cases shrinks, the quality cases which money can be collected on are sent your way.
How do you rank in search engine results for creditor specific searches?
