Law firms are raising rates to protect and increase profits. Corporate legal departments are cutting costs and bringing more work in-house. Where does this leave the legal industry?
November 05, 2023 at 06:41 PM
7 minute read
Executive Editor, Law.com International
Law firms, forever focused on profits, are ignoring the fundamental laws of supply and demand.
Their job—their very existence—is based on a business model in which they supply a service to clients for a price. When client demand for outside counsel rises, that’s good for a law firm’s bottom line.
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