Michael H. Trotter Publishes Follow Up to "Profit and the Practice of Law," the Definitive Work on Changes to Law Firms in America
Michael H. Trotter partner at Taylor English, today announces the release of his new book, “Declining Prospects – How Extraordinary Competition and Compensation Are Changing America’s Major Law Firms.” This book, penned as a follow up to his highly regarded 1997 work, “Profit and the Practice of Law,” explains the evolution of American’s major law firms over the last twenty-two years and why some of them, including Dewey & LeBoeuf, have abruptly collapsed. T
In “Declining Prospects,” Trotter tells the story of growth and change in the legal services industry in the United States during the last two decades and how they are affecting the major business practice law firms, their clients, their clients’ law departments, and all of the lawyers serving the legal needs of business in America. He explains that the equity partners of the major firms have been extraordinarily compensated over the past 17 years, but the financial prospects of the firms and their lawyers are declining while corporate law departments have become the dominant force in the corporate legal world. “Declining Prospects” explores how greatly increased competition and costs along with the emergence of powerful and capable corporate law departments, the commoditization of many legal services, and the impact of new technology and “New Model” law firms, are now affecting the structure and future of America’s most important law firms. Both books will benefit many types of readers from lawyers and non-lawyers alike. College students thinking about attending law school (as well as counselors who advise them) will be better able to handicap their prospects for a satisfying and prosperous career as a lawyer. New lawyers will acquire insights into the challenges they will likely encounter and how those challenges can be overcome. Established lawyers will gain a better understanding of what kind of options and skills they need to hone to remain successful in their careers. Retired lawyers may gain a new perspective on their own legal careers and the forces that shaped them. The books will also hold the attention of business executives interested in managing their legal business requirements and costs, and is an informational read for anyone interested in the life of lawyers in the major American firms or the role of the legal profession in America's business and economic life.