Consolidation of the legal market heated up over the past 10-15 years as law firms look to mergers as a strategy for growth. The push to merge or acquire is fueled by the breakup of financially weaker firms and by partners who believe their clients are better served by a larger platform. Most of the…
The traditional law firm pyramid model is under pressure. Historically, to support partner salaries at the top, firms continually added increasing number of associates at the bottom. Every year, big law firms hired troops of new associates and assigned them to high-volume but relatively low skilled projects to gain experience. Although contract lawyers, or, in…
In the current economic environment, especially, General Counsel resist paying high fees for routine, repetitive functions. They realize that some tasks don’t require lawyers, or at least high priced lawyers in traditional law firms, to complete them. Therefore, in order to hang onto as much business as possible, smart law firms minimize the cost of…
Over the past few decades, law firms transitioned from the traditional partner/associate firm structure towards the model of the large international accounting and consulting firms, with multiple tiers of positions with different titles, duties, and pay levels. Now, there are all sorts of categories of law firm lawyers. In addition to equity and non-equity partners,…
