Sunday, February 27, 2011

Legal Industry Growth Factors Show a Down Side

The Washington Post writes of Howrey today, "... just two years after reporting its most profitable year ever, the 55-year-old law firm now stands as a cautionary tale, its towering success all but undone by powerful forces transforming the legal establishment."

The reporter observes: 
The genteel days when a lawyer might begin and end a career at a single firm - and loyalties were forged with camaraderie and partnership - are largely over. Law firms in Washington and beyond have taken a page from their Wall Street counterparts, becoming as much a big business as the clients they represent.

Lawyers are increasingly transient - loyal to their clients, not their firms. When they walk, they take the clients and leave the firm locked into obligations and real estate leases.
Read the full story here.

No comments: