"Strategy for 'New Model' Law Firms," Daily Report
On October 31, 2013, the Daily Report published an excerpt from Michael Trotter’s book, “Declining Prospects: How Extraordinary Competition and Compensation Are Changing America’s Major Law Firms,” that discusses the rise of the ‘New Model’ law firm. These firms are a result of continuing competition and innovation in the industry and typically have lower leverage, smaller attorney head-count, lower overhead and lower billing rates or other fee arrangements. Trotter suggests that the average experience level and age of attorneys at a ‘New Model’ firm are often higher than those of the major firms, and, as a result, their clients receive most of their legal advice from mature and experienced lawyers. He explains that the strategy of some of the more mature firms is to use the opportunities provided by the current supply/demand environment to provide services that place a greater emphasis on client value. The ‘New Model’ firms do this by providing legal services at better prices and are more in tune with the needs of modern-day law departments and other clients.