I would suggest one simple killer strategy that firms should being doing already, which is even more critical during tough economic times. Interview all your top clients and find out what issues are “keeping them up at night”. Then help your clients focus on these issues and resolve them. They’ll thank you for it with more work and market share. This strategy will also help you avoid losing your top clients to other hungry firms approaching them during this period.

Tough times like these lead to many opportunities for smart firms. Another great strategy is to pick up star partners from your competitors in lucrative practice areas you want to grow. These folks are available now since it’s slow, and not normally available in regular economic times. When the economy returns, your new star partners will help your firm dominate your market space and greatly enhance future profitability.