Tuesday, April 21, 2009
The online ABA Journal blog is reporting on role playing game experiment last weekend at Indiana's Maurer School of Law led by Professor Bill Henderson whose expertise is in the empirical analysis of the legal profession and legal education.
Here are the predictions reached as a result of the exercise:
The big firm bubble is about to burst, due to pressure from clients, the competition for associates and business, and the exodus of talented of lawyers.
• Associates will be paid less, earning starting salaries ranging from $80,000 to $125,000. Promotion will be tied to competency and bonuses will be tied to law firm performance. Firms will offer more training and exposure to the real world of law practice.
• Partners will be organized in one-tier partnerships and will earn less money. More money will be saved by allowing lawyers to work at home or by moving offices from cities to suburbs.
• Firms will adopt a variety of alternative fees, and will share risk with clients whenever possible. They will also learn more about client businesses and will send lawyers to client offices to learn more about the companies.
I am the scholarship dude.