Savvy lawyers position themselves for success. They do this not only by seeking out practice areas that are thriving, have staying power, and are destined to grow even larger. They are also sophisticated enough to know that geography is all-important. As with real estate, the bottom line is: location, location, location. Businesses know this, too. They do a great deal of research before locating, relocating, or expanding in a particular area. Follow their lead.
This is where the “macro” meets the “micro.” National economic data is important because business and the economy, broadly speaking, are cyclical phenomena, despite what Alan Greenspan and a host of other hubristic individuals proclaimed so imperiously just prior to the Great Recession. Yes, there still is a business cycle, despite their pronouncements to the contrary, and they have to be considered in any due diligence investigation about where to located a practice. But they are only part of the equation, and not the most important part.
When you perform the necessary due diligence on the best place for you to practice law, you need to investigate a host of factors. The LawCareers blog addressed a number of the key factors last year. Since then, a variety of new, worthy concerns have emerged. They will be covered in this and successive “Site Selection” blogs to follow.