Monday, August 13, 2012
Former BigLaw partner, law professor and law firm management expert Michael Trotter has a new book set to be released this month called Declining Prospects - How Extraordinary Competition and Compensation Are Changing America's Major Law Firms in which he predicts, much like Richard Susskind, that increased competition from low cost legal service providers, the commoditization of legal services and pressure on corporate America to do more legal work in-house will lead to declining growth and opportunities in BigLaw. Below is a summary of the book (it's being self-published by Mr. Trotter) and by clicking here you can read an interview he gave to the New York Times a few months back in which he spoke about his predictions regarding the declining BigLaw opportunities.
Declining Prospects - How Extraordinary Competition and Compensation Are Changing America's Major Law Firms tells the story of growth and change in the legal services industry in United States during the last two decades and how they are affecting the major business practice law firms, their clients, their clients' law departments, and all of the lawyers serving the legal needs of business in America. The equity partners of the major firms have become extraordinarily well compensated over the past 17 years, but the financial prospects of the firms and their lawyers are declining while corporate law departments have become the dominant force in the corporate legal world. The book explores how greatly increased competition and costs along with the emergence of powerful and capable corporate law departments, the commoditization of many legal services, and the impact of new technology and "New Model" law firms are now affecting the structure and future of America's most important law firms.
Mr. Trotter is also the author of the very well received Profit and the Practice of Law: What's Happened to the Legal Profession.