The authors assert that law firms are aware of the risks and choose not to act or take on a more proactive stance despite the consequences certain to be suffered.
I’m actually more sympathetic to law firms (it’s rare that I would be) because it’s much easier said than done to transform an entity with a partnership structure and mentality into a corporate one.
Most lawyers are lawyers and not business people for a reason.
In addition to making operational changes, recognition that change management efforts need to take place takes a law firm a long way on the road to adapting to the market.
Growth was flat, with Am Law 100 firms and mid-size firms showing the strongest growth, and the Am Law Second 100 as a group faring the worst.
Those of us who write about innovation, legal industry change and the growing impact of legal tech are very familiar with the Kodak story which ends with the company’s bankruptcy.The reason many alternative fee structures fail is that the underlying cost basis is still the billable hour.