'Change' Is a Mantra for Law Firms, But Will They Tune In?
Challenges to the traditional law firm model can be solved, according to some, by one word: Process.
Law firms are facing real challenges, but the solutions may be more straightforward than they think. Meanwhile, the talk about threats to law firms—in the absence of a market starved for profit growth—can lead to a survivorship bias among partners.
Those were some takeaways from a panel on ‘The Future of Legal Services Delivery’ on Wednesday at the ALM Business of Law Forum at Legalweek in New York.
To Ralph Baxter, the former chairman of Orrick, Herrington & Sutcliffe, nearly everything about law firms will need to change if they are to be successful in the near future. They will need to re-examine their financial model; their resources model; their underlying legal services delivery model; and their investment model, Baxter said.
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