Editor's comment: That value mystery
These days no one really doubts that high-end legal service is a market. As such, it's competitive and highly transparent, two of the essential components of a properly-functioning market. After all, clients can easily find out what partners are paid and a host of other metrics showing how law firms' finances are structured. Media outlets, directories and law firm websites readily hand out information on which practice areas individual law firms are accomplished in and how many offices they have. Should a client care, they can even easily get a sense of how well firms pay their staff, how happy the staff are and how often they change jobs. In many ways, the information cup overflows.
Could clients do more to support innovation?
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