Declining Prospects

This highly praised and useful book written by a leading expert on the economics of the legal profession addresses: 1) growth and change in major American law firms in recent years, 2) greatly increased competition in the legal profession, 3) the growing importance of corporate law departments, 4) the increasing costs of legal services and how to contain them, 5) the commoditization of many legal services and the impact of new technology on the delivery of such services, 6) the prospects for the continued profitability of major law firms, 7) working conditions and the quality of life of lawyers in the major firms, 8) the sustainability of the big law firm mode, 9) the reasons why some prominent law firms have recently failed, and 10) issues to consider in deciding whether to attend law school. "Declining Prospects" provides keen insights supported by an abundance of facts and figures on these topics along with advice on how to cope with the future in a rapidly changing legal services world. The equity partners in the major firms have become extraordinarily well compensated over the past 20 years, but the financial prospects of these firms and their lawyers are declining while corporate law departments have become the dominant force in the corporate legal world. The book also explains the recent collapse of a number of America's largest and best known law firms including Dewey & LeBoeuf. Trotter's earlier book, "Profit and the Practice of Law-What's Happened to the Legal Profession," has emerged as the definitive work on growth and change in the major business practice law firms in America between 1960 and 1995. It has been widely praised by prominent lawyers, bar association leaders, law firm consultants and legal scholars. Business executives interested in containing the costs of their legal services and anyone interested in the life of lawyers in the major American law firms or the role of the legal profession in America's business and economic life will find "Declining Prospects" of interest. Young people and those advising them will find valuable advice concerning the prospects for a satisfying and profitable career as a lawyer and the skills required to achieve success.