Everyone around George Vincent is cutting back. And that’s reason enough for him to do the exact opposite, because he can pick up their losses to fuel his growth.
“In a tough economy, it’s easy to cut expenses,” says Vincent, the managing partner and chairman of Dinsmore & Shohl LLP. “But you can never cut your way to prosperity. At some point, you’ve got to continue to add high-quality people.”
In 2008 alone, the law firm welcomed 91 new lawyers, bringing the total employee count to nearly 800. Many of the new employees came from downsizing firms. Vincent says they’re attracted to a firm that strives to grow while others hunker down. And he, of course, is attracted to talented employees who can bolster his firm against the dwindling competition and position it to be stronger when the upturn comes.
“A lot of firms were not looking to grow last year,” says Vincent, whose firm reported 2008 revenue of $133.3 million. “There were a lot of unique opportunities because of the economy that allowed us to grow.”
Vincent’s plan for growth is twofold: strengthening the firm’s presence in the 10 regions it currently serves and expanding geographically beyond those. But it all starts with finding the right employees and integrating them smoothly into the firm.
“No matter what the economy looks like, on a relative basis, high-quality people will outperform,” he says.
