Turbulence Ahead: Law Firms of the Future

The legal market is undergoing signficant structural changes, as noted in an article in The Economist titled, Law Firms:  A Less Gilded Future. Here is an excerpt that captures the tone of this well written analysis:

Ultimately, lawyering is becoming more of a business than a profession. Some lawyers decry this. Others welcome it. Few deny it. Because the American market cannot grow as it used to, firms will have to find new strategies and make use of sophisticated branding to stand out.

Business development and client retention are at the heart of the new business model. Facing intense pressures to manage costs, firms and attorneys will need to act quickly to reformulate services and billable hour alternatives.

Successful law firms are those that embrace rather than resist change. Infusing a business development atmosphere throughout the firm, from attorney training to compensation incentives, is essential to stay competitive and close to the market. Read the full story.