"Big Law Steps Into Uncertain Times," DealBook, New York Times
On September 24, 2012, Michael H. Trotter was quoted in the article “Big Law Steps Into Uncertain Times” that appeared in the DealBook column of the New York Times. The article discusses the forthcoming changes in America’s law firm models and how the collapse of Big Law has left clients feeling unhappy, overbilled and underserved. The problem, many lawyers say, is profit per equity partner (P.P.P.), where the interest of law firms move from serving the clients to serving themselves. Trotter says there are only a few ways to increase a firm’s P.P.P., most of which are not in the client’s best interest. These include charging clients more for what they do; working more hours or using more lawyers for the firm’s clients; acquiring more clients; or reducing firm overhead by paying less rent and restraining the compensation of attorneys and other personnel. For the full article click here.