Monday, 9 May 2011

The Economist on the business of law

The May 5 edition of The Economist online has a story titled Law firms: A less gilded future discussing changes in the "legal business" over the past few years. The article describes how the recession hit the lawyering profession hard- even American firm Howrey, one of the top 100 firms in the world, went bust because of dismal profits. The article says that "(u)ltimately, lawyering is becoming more of a business than a profession. Some lawyers decry this. Others welcome it. Few deny it. Because the American market cannot grow as it used to, firms will have to find new strategies and make use of sophisticated branding to stand out."

hat tip: Mike Madison

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