Shifting Focus Is a Bigger Challenge for Smaller Firms
Shifting a law firm's practice focus might be a necessity in today's legal market, but for small and midsize firms, it could be one of the most difficult processes a firm faces.
January 27, 2015 at 04:12 PM
7 minute read
Shifting a law firm's practice focus might be a necessity in today's legal market, but for small and midsize firms, it could be one of the most difficult processes a firm faces.
According to several legal consultants and observers, fundamental changes over the past 10 to 20 years have led an increasing number of firm leaders to begin looking into whether they should shift from their firm's traditional base to a more profitable line of work.
While major changes to the legal market stemming from regular business cycles, increased transparency of pricing and shifting client demands have affected firms of all sizes, adapting to the new legal market may be particularly difficult for small and midsize firms.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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