“The High Cost of Outside Counsel,” Daily Report
On November 21, the Daily Report published the article, “The High Cost of Outside Counsel,” 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 discusses the explosive growth in legal services to U.S. businesses over the last 25 years and how this growth is mirrored in the revenue growth of major business practice firms, as well as the extraordinary growth of average profits per partner (PPP). Faced with huge increases of legal fees, most large companies in the U.S. concluded that they had to gain greater control over the legal aspects of their businesses, and are doing so by increasing the size and improving the quality of their corporate law departments. 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.