Pryor Cashman Managing Partner Ronald H. Shechtman spoke to Law360 for its December 24, 2015 article, “What Will Keep Firm Leaders Up At Night In 2016.”

The article reports that law firms are facing a number of challenges going into 2016, including:

• Growing hurdles to revenue growth
• Increasing pressures from clients regarding the cost of legal services
• Fierce competition in the legal industry and BigLaw merger activity
• Large shifts in the kinds of legal work being demanded by clients

Shechtman told Law360:  “In 2016, both clients and law firms alike will be focused on meeting clients’ demands for value in the delivery of their legal services.  For us – one of the few midsize firms in New York City – controlling costs is in our DNA. Our belts are tight; we are lean and nimble. Therefore, we see 2016 ripe with opportunity, particularly the ability to compete for work not normally available to us.”

One practice area that has been feeling pinched is litigation. Much of the litigation that rose out of the economic downturn, including the mortgage backed securities crisis, has been resolved and little has been filling the void, according to experts. Further, again in line with the more cost-conscious atmosphere that has enveloped the legal industry, clients are increasingly reluctant to head to the courtroom. Shechtman noted that “[c]lients look for any alternative to litigation and any means possible to stay out of court.”

To help survive the current dearth of litigation business and to address clients’ cost concerns, it is key that firms address the leverage models in litigation groups.  “We’re trying to turn those lemons into lemonades. When we show up in a deposition room, it won’t be with one partner and three associates. It’s going to be a senior associate or a partner and an associate. It’s going to reflect clients’ concerns,” said Shechtman.