“Frustrations With Outside Counsel,” Daily Report
On October 17, 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 focuses on the rise of competent and cost-conscious general counsel driving significant change in the nation’s legal industry. In the excerpt, Trotter takes a look at the rising tension between corporate counsel and their outside lawyers. He notes the crux of general counsel’s dissatisfaction with private practice firms are the high costs of the services provided, increased size and leverage of private firms, as well as the private law department structure allowing younger, inexperienced attorneys to charge exorbitant fees for services provided. More information on Michael Trotter’s book, “Declining Prospects,” can be found here.