Publisher: American Bar Association
Publication Date: May 01, 2018
Binding: Kobo eBook
For decades, law firms have had one of the most successful business models around. Having weathered many storms, threats, and changes, law firms have managed to increase their profits almost without interruption over the years. As a sector, they have succeeded in growing at a faster pace than the economy in which they operate. Most partners are confident that, one way or another, this will also be the case in the future. Death of a Law Firm argues that now, for the first time in history, law firms are at an existential crossroads. Taking the wrong direction might very well lead to collapse: the death of a law firm.
Dark clouds are building heavily in the sky. When the right measures are taken, it is perfectly possible not only to survive the coming storm but to come out even stronger than before. To compensate for the eroding effect of commoditization, law firms have to change their business model. However simple it might seem, changing a business model might be one bridge too far for most firms. As this book argues, the inner workings of law firm partnerships are rigged against change. In reading this book, you will gain an unprecedented insight into the psychology of the partner group—or maybe even a confronting look in the mirror.
The good news is that the global legal market will continue to grow. We are not in a shrinking market. The players in the market, however, will be significantly reshuffled in the next five years, leading to the rise of some and to the death of others. Read the book and make sure your firm ends up in the right category.