Law firms: A less gilded future -- The Economist Forum
-
- Posts: 642
- Joined: Mon Apr 18, 2011 1:17 pm
Law firms: A less gilded future -- The Economist
An interesting article about big law, the recession, and globalization.
http://www.economist.com/node/18651114? ... 4&fsrc=rss
http://www.economist.com/node/18651114? ... 4&fsrc=rss
- handlesthetruth
- Posts: 119
- Joined: Mon Feb 28, 2011 4:42 pm
Re: Law firms: A less gilded future -- The Economist
Honestly I was of the "the market is cyclical, it'll all bounce back" mindset until this article.
-
- Posts: 2508
- Joined: Mon Jul 19, 2010 8:15 pm
Re: Law firms: A less gilded future -- The Economist
It doesn't have to bounce back to pre ITE levels. I'll be happy if it starts noticeably improving...handlesthetruth wrote:
Honestly I was of the "the market is cyclical, it'll all bounce back" mindset until this article.
- AntipodeanPhil
- Posts: 1352
- Joined: Fri Apr 08, 2011 7:02 pm
Re: Law firms: A less gilded future -- The Economist
Interesting. I couldn't help reading it like an RC passage.
The main point: shitlaw is in big trouble - thanks to computers and outsourcing.
Secondary points: (1) many non-elite law firms are experiencing pressure to cut costs; (2) elite law firms will be fine.
Inferences: (1) don't go in to shitlaw; (2) avoid law schools that are likely to leave you with few options besides shitlaw.
The main point: shitlaw is in big trouble - thanks to computers and outsourcing.
Secondary points: (1) many non-elite law firms are experiencing pressure to cut costs; (2) elite law firms will be fine.
Inferences: (1) don't go in to shitlaw; (2) avoid law schools that are likely to leave you with few options besides shitlaw.
-
- Posts: 706
- Joined: Fri Aug 20, 2010 4:42 pm
Re: Law firms: A less gilded future -- The Economist
I love how none of the commenters on the article at the Economist website mention that investment banking is a cartel with no competition, and simply bash law.
Want to continue reading?
Register now to search topics and post comments!
Absolutely FREE!
Already a member? Login
- ahduth
- Posts: 2467
- Joined: Wed Sep 29, 2010 10:55 am
Re: Law firms: A less gilded future -- The Economist
I highly approve of all the developments mentioned in this article.
- glitched
- Posts: 1263
- Joined: Wed May 19, 2010 9:50 am
Re: Law firms: A less gilded future -- The Economist
iiiiiiiiiiiiiiiiiiiiiiiiii want to be a partner!
- FantasticMrFox
- Posts: 592
- Joined: Tue May 03, 2011 3:00 pm
Re: Law firms: A less gilded future -- The Economist
AntipodeanPhil wrote:(1) many non-elite law firms are experiencing pressure to cut costs; (2) elite law firms will be fine.
- rocon7383
- Posts: 431
- Joined: Thu Jan 13, 2011 10:02 pm
-
- Posts: 1230
- Joined: Wed May 04, 2011 10:58 pm
Re: Law firms: A less gilded future -- The Economist
This was my take away as well.FantasticMrFox wrote:AntipodeanPhil wrote:(1) many non-elite law firms are experiencing pressure to cut costs; (2) elite law firms will be fine.
-
- Posts: 287
- Joined: Tue Jan 11, 2011 11:57 pm
Re: Law firms: A less gilded future -- The Economist
How are we judging elite? Where was Howrey on the elite/non-elite firm scale? Maybe they were never elite. So, V10 is elite?shoeshine wrote:This was my take away as well.FantasticMrFox wrote:AntipodeanPhil wrote:(1) many non-elite law firms are experiencing pressure to cut costs; (2) elite law firms will be fine.
-
- Posts: 1505
- Joined: Tue Dec 14, 2010 6:56 pm
Re: Law firms: A less gilded future -- The Economist
If only v10 firms = fine, and everyone else should be worried...that's even worse news than expected.
- jpSartre
- Posts: 326
- Joined: Sun Jan 03, 2010 11:05 am
Re: Law firms: A less gilded future -- The Economist
wait so the legal industry isnt that good?
Register now!
Resources to assist law school applicants, students & graduates.
It's still FREE!
Already a member? Login
-
- Posts: 1230
- Joined: Wed May 04, 2011 10:58 pm
Re: Law firms: A less gilded future -- The Economist
Howrey = exception not rule. The economy had to claim at least one major victim and (like banks) once people begin to lose faith in a big law firm it is pretty much over. Clients and partners fled because of uncertainty more than anything else. The article eludes to outsourcing for doc review and other remedial tasks that law firms charge big billable hours for. I think what everyone on here is referring to is that elite firms will not feel the brunt of this "cost reduction" as much as smaller or less prestigious firms that handle the less desirable jobs and clients. As long as M and A transactions start to pick up again then the biggest and most prestigious law firms will be fine.rose711 wrote:How are we judging elite? Where was Howrey on the elite/non-elite firm scale? Maybe they were never elite. So, V10 is elite?shoeshine wrote:This was my take away as well.FantasticMrFox wrote:AntipodeanPhil wrote:(1) many non-elite law firms are experiencing pressure to cut costs; (2) elite law firms will be fine.
And M and A is definitely back (especially for big firms):
http://online.wsj.com/article/SB1000142 ... lenews_wsj
- Verity
- Posts: 1253
- Joined: Sun Jan 30, 2011 11:26 pm
Re: Law firms: A less gilded future -- The Economist
dissonance1848 wrote:I love how none of the commenters on the article at the Economist website mention that investment banking is a cartel with no competition, and simply bash law.
Yeah, no competition in investment banking.
Right.
-
- Posts: 5923
- Joined: Tue Apr 21, 2009 9:10 pm
Re: Law firms: A less gilded future -- The Economist
I don't think that's what the article was saying.FiveSermon wrote:If only v10 firms = fine, and everyone else should be worried...that's even worse news than expected.
-
- Posts: 789
- Joined: Wed Feb 23, 2011 3:12 pm
Re: Law firms: A less gilded future -- The Economist
lol wut?dissonance1848 wrote:I love how none of the commenters on the article at the Economist website mention that investment banking is a cartel with no competition, and simply bash law.
Get unlimited access to all forums and topics
Register now!
I'm pretty sure I told you it's FREE...
Already a member? Login
- AreJay711
- Posts: 3406
- Joined: Tue Jul 20, 2010 8:51 pm
Re: Law firms: A less gilded future -- The Economist
I have to imagine that even before the recession people had to realize that the legal market couldn't do what it was doing forever. If we get in another long, fast period of growth I bet it will return to the way it was in many ways though some are changed forever.
-
- Posts: 74
- Joined: Thu Mar 10, 2011 3:29 pm
Re: Law firms: A less gilded future -- The Economist
Take note of the third to last paragraph.....kind of promoting a JD/MBA or schools like Northwestern an
Penn where business studies can be incorporated into your JD studies.
Penn where business studies can be incorporated into your JD studies.
- ahduth
- Posts: 2467
- Joined: Wed Sep 29, 2010 10:55 am
Re: Law firms: A less gilded future -- The Economist
Or lawyers with actual work experience.lawscholar20 wrote:Take note of the third to last paragraph.....kind of promoting a JD/MBA or schools like Northwestern an
Penn where business studies can be incorporated into your JD studies.
- uwb09
- Posts: 574
- Joined: Tue Sep 29, 2009 2:09 am
Re: Law firms: A less gilded future -- The Economist
just for reference purposes, what do you include in "shitlaw"AntipodeanPhil wrote:Interesting. I couldn't help reading it like an RC passage.
The main point: shitlaw is in big trouble - thanks to computers and outsourcing.
Secondary points: (1) many non-elite law firms are experiencing pressure to cut costs; (2) elite law firms will be fine.
Inferences: (1) don't go in to shitlaw; (2) avoid law schools that are likely to leave you with few options besides shitlaw.
Communicate now with those who not only know what a legal education is, but can offer you worthy advice and commentary as you complete the three most educational, yet challenging years of your law related post graduate life.
Register now, it's still FREE!
Already a member? Login
- arvcondor
- Posts: 371
- Joined: Sun Oct 03, 2010 11:33 pm
Re: Law firms: A less gilded future -- The Economist
FTFYlawscholar20 wrote:Take note of the third to last paragraph.....kind of promoting a JD/MBA or schoolslike Northwestern annext to a business school where business studies can be incorporated into your JD studies.
Penn
I did also find that paragraph interesting, though. Makes me wonder if I should in fact go after a JD/MBA.
Also:
I got the sense that the article cast uncertainty on firms well above the shitlaw threshold, unless you are simply counting all non-V100 firms as "shitlaw."AntipodeanPhil wrote: Inferences: (1) don't go in to shitlaw; (2) avoid law schools that are likely to leave you with few options besides shitlaw.
- FantasticMrFox
- Posts: 592
- Joined: Tue May 03, 2011 3:00 pm
Re: Law firms: A less gilded future -- The Economist
or all those other universities offering JD/MBA a lot of them are all starting to offer the joint degree programs; if this is in any way correct: http://www.top-law-schools.com/forums/v ... f=2&t=8262 then at least 40 universities.lawscholar20 wrote:Take note of the third to last paragraph.....kind of promoting a JD/MBA or schools like Northwestern an
Penn where business studies can be incorporated into your JD studies.
But this is me speculating but wouldn't JD MBA be counter productive? I thought that firm died due to partners fleeing from uncertainty so law firms=want certainty but the joint program doesn't add to that certainty with that extra "escape-route" written over it. But the article advocates a more rounded lawyers for survival. Meh, why wasn't I born a few years earlier?
-
- Posts: 634
- Joined: Thu May 29, 2008 11:16 am
-
- Posts: 74
- Joined: Thu Mar 10, 2011 3:29 pm
Re: Law firms: A less gilded future -- The Economist
I was specifically pointing out Penn and Northwestern where you can get a nice "business" background without the price and extra year of a JD/MBAFantasticMrFox wrote:or all those other universities offering JD/MBA a lot of them are all starting to offer the joint degree programs; if this is in any way correct: http://www.top-law-schools.com/forums/v ... f=2&t=8262 then at least 40 universities.lawscholar20 wrote:Take note of the third to last paragraph.....kind of promoting a JD/MBA or schools like Northwestern an
Penn where business studies can be incorporated into your JD studies.
But this is me speculating but wouldn't JD MBA be counter productive? I thought that firm died due to partners fleeing from uncertainty so law firms=want certainty but the joint program doesn't add to that certainty with that extra "escape-route" written over it. But the article advocates a more rounded lawyers for survival. Meh, why wasn't I born a few years earlier?
Your reasoning that a JD/MBA may scare away a firm from hiring adds to the advantages of attending a school like Penn and getting a business background via a certificate from Whartons without the whole MBA part.
Seriously? What are you waiting for?
Now there's a charge.
Just kidding ... it's still FREE!
Already a member? Login