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Vol 25 No 2 Feb/March 2020

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Lewin on Trusts

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The Law Firm of the Future: Adapting to a Changed Legal Marketplace

ISBN13: 9781788119696
Published: September 2018
Publisher: Edward Elgar Publishing Limited
Country of Publication: UK
Format: Hardback
Price: £70.00

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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.

The market has become too sophisticated for undifferentiated large firms, and 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. In order to counteract client pushback, firms must concentrate on their market strengths, and clients will differentiate firms by price, size, and expertise.

This book will serve as a critical resource for law firm partners and managers who are interested in developing successful, distinctive firms. Law scholars will also be interested in this examination of the profession and how it is changing, as will clients and businesses.

Legal Practice Management
1. Large Law Firms and the Success of the Growth Model
2. New Business Models for the Future
3. The Key Building Blocks of a Lasting and Successful Law Firm
4. Effective Governance
5. Client Service
6. Assessing Firm Performance
7. Evaluating Lawyers
8. Fair Compensation
9. Strong Administrative Staff
10. Treating Everyone Professionally
11. Balancing Professionalism and Quality of Life
12. Succession Planning
13. Retirement Policies
14. The Future of the Profession
15. Conclusion