A recent article in Crain’s discussed how many lawyers are leaving big firms and starting their own firms as clients demand payment arrangements other than standard hourly billing. The bigger firms, for the most part, are too slow to change and are losing business.
Hats off these entreprenerus. To me, this is another example why small businesses rock. A business of 500 people cannot change its business model. My company is seven years old and we’ve already done it twice.
I’m reminded of one of my all-time favorite business book, Built to Last by Jim Collins. Written in 1995, it uncovers what companies that last all have in common. The underpinning is that companies that last have an ability to reinvent themselves while maintaining their core values.
Have you had to redefine your business? I’d love to hear about it.
