Adapting to a Changed Legal Marketplace
Chapter 2: New business models for the future
As a result of these changes, most large law firms adopted a strategy of growth. I contend that this strategy is no longer sensible for most law firms, particularly since the recession of 2008–2009. Most large law firms are too large, with many practices and offices that are not competitive. In contrast, elite New-York-City-based law firms did not expand too much, and are not awkwardly large or uncompetitive. I recommend that large law firms should assess their practices, offices, and lawyers. They should go back to a high partnership elevation standard and review all partners every year, to evaluate their strengths and weaknesses as well as how fair their compensation is.
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