“Five Factors Explain Why Major Law Firms Continue to Change,” Daily Report
On Nov. 7, the Daily Report published the article, “Five Factors Explain Why Major Law Firms Continue to Change,” for the ongoing series of excerpts from Michael Trotter’s book, “Declining Prospects: How Extraordinary Competition and Compensation Are Changing America’s Major Law Firms.” Trotter suggests that the five factors that are driving change in the legal industry include the increased supply of capable lawyers and law firms; the high cost of legal services; the growth of mature and competent corporate law departments; the standardization and commoditization of legal services; and technology. The article takes a closer look at each factor and suggests that firms are responding to, and evolving to reflect the changes in the industry. Daily Report subscribers can read the full article here. More information on Michael Trotter’s book, “Declining Prospects,” can be found at www.trotterlawandeconomics.com.