"Why Corporate Counsel Have Edged Out the Outside Lawyers," Daily Report
On Oct. 24, the Daily Report published the article, “Why Corporate Counsel Have Edged Out the Outside Lawyers,” for an ongoing series of excerpts from Michael Trotter’s book, “Declining Prospects: How Extraordinary Competition and Compensation Are Changing America’s Major Law Firms.” The excerpt discusses the power shift from companies arming themselves with outside counsel to the increase in legal capabilities of corporate counsel and the demand for lower outside counsel costs. The legal industry began seeing this change in the 1970s and 1980s, when corporate counsel began demonstrating their competence and their ability to manage the legal affairs of their companies. In addition, Trotter attributes this dramatic change to commoditization, technology and the overall apathy of outside counsel for the legal 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.