A less gilded future (law firms)

Strategic Direction

ISSN: 0258-0543

Article publication date: 11 October 2011

Keywords

Citation

(2011), "A less gilded future (law firms)", Strategic Direction, Vol. 27 No. 11. https://doi.org/10.1108/sd.2011.05627kaa.013

Publisher

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Emerald Group Publishing Limited

Copyright © 2011, Emerald Group Publishing Limited


A less gilded future (law firms)

Article Type: Abstracts From: Strategic Direction, Volume 27, Issue 11

The Economist, May 2011, Volume 399 Issue 8732, Start page: 69, No. of pages: 2

Points to the number of law firms in the USA that are downsizing and shedding jobs, and discusses the reasons for this. Cites an increased reluctance among clients to pay high bill for legal services; competition from India and Asia; and software that can carry out some legal work previously done by junior people within the profession. Considers what type of law firm might flourish in these current US market and suggests that the elite New York firms and firms that have specialized in a few areas of law are likely to do well. Also reports that a number of US firms are positioning themselves to compete globally but points to obstacles that may not make this an easy option. Lastly, argues that law firms are now more of a business than a profession, and discusses what this entails. Suggests that lawyers need to accept this if they and their firms are to be successful.Article type: ViewpointISSN: 0013-0613Reference: 40AN134

Keywords: Business strategy, Legal profession, Professional service organizations