Tom Clay on the future of the profession

December 1st, 2010 by Altman Weil

Altman Weil’s Tom Clay has written a new article on the future of the profession:

“The Rock Center for Corporate Governance at Stanford University recently issued a report on the future of law firms in the new economy called “Big But Brittle: Economic Perspectives on the Future of the Law Firm in the New Economy.” It concluded with these words: “We must acknowledge and respect the forces that created [current market dynamics], and fashion remedies that swim with the tide of economic change rather than rail against it.”

The forces referred to by the authors are those that are exerting an inexorable pressure on the profession to change. I agree with this takeaway, which is, essentially: Deal with it.

Law firms of all sizes cannot escape the pressures for change and therefore must engage in new thinking and new approaches to remain viable, stable and competitive. “

The article identifies four critical areas law firms need to address now.

Read it at The Legal Intelligencer  

This entry was posted on Wednesday, December 1st, 2010 at 1:24 pm and is filed under Law firm management, Law firm business model, Alternative fees, Law firm staffing model. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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