The Law Firm of the Future: Adapting to a Changed Legal Marketplace

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The Law Firm of the Future: Adapting to a Changed Legal Marketplace

By J. M. Westcott
Edward Elgar Publishing September 2018

Specifications

ISBN-13
9781788119696
Publisher
Edward Elgar Publishing
Publication
September 2018
Format
Hardback
Jurisdiction
International ? Countri(es) for reference only

Details

During the “golden age of law firm growth” from the late 1960s until 2007, most large law firms adopted a default growth strategy, increasing practice areas and offices, aided by the momentum of the tail winds of law firm growth. Since the recession of 2008-2009, however, the legal marketplace has drastically changed.

The market has become too sophisticated for undifferentiated large firms, and in this timely book, Jay Westcott suggests strategic building blocks that firms can adopt in order to adapt themselves to this radical change and prosper as lasting institutions. In order to counteract client pushback, firms must concentrate on their market strengths, and clients will differentiate firms by price, size, and expertise.

This book will serve as a critical resource for law firm partners and managers who are interested in developing successful, distinctive firms. Law scholars will also be interested in this examination of the profession and how it is changing, as will clients and businesses.

Table of Contents

Introduction
1. Large Law Firms and the Success of the Growth Model
2. New Business Models for the Future
3. The Key Building Blocks of a Lasting and Successful Law Firm
4. Effective Governance
5. Client Service
6. Assessing Firm Performance
7. Evaluating Lawyers
8. Fair Compensation
9. Strong Administrative Staff
10. Treating Everyone Professionally
11. Balancing Professionalism and Quality of Life
12. Succession Planning
13. Retirement Policies
14. The Future of the Profession
15. Conclusion
Index

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