If law firms are to escape commoditization by creating a new partnership with clients, they must innovate in ways that deliver unique value. In this second part of a two-part article on reinventing the law firm/client relationship, we examine two core components of this enhanced value proposition: (1) rethinking the way talent is developed, so that junior lawyers can provide business-focused, client-specialized expertise far earlier in their careers; and (2) harnessing the collective knowledge and expertise of the firm for efficient delivery of creative, premium-level advice and advocacy.
The traditional leverage “pyramid” — few partners and many associates — is on its way out. Hordes of junior lawyers will no longer be employable and remunerative on large document reviews and other highly leveraged projects. Clients simply will not pay large firm rates for entry-level lawyers who cannot help them solve their problems. That work will be outsourced to lower-priced firms in the United States or elsewhere. That sector of our economic model has been irrevocably commoditized.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
