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The Law Firm of the Future

Adapting to a Changed Legal Marketplace

John M. Westcott

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. 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.
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Chapter 6: Assessing firm performance

John M. Westcott

Extract

Law firms should review and assess the performance of the firm, its practice areas and offices regularly, just as businesses do. Leaders of the firm and practice areas and offices need to be held accountable for their performance for the firm to be truly competitive. The law firm should support and invest in the most effective practice areas and withdraw support from the weak ones, unless there are overriding strategic priorities.

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