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State Of Law Firms Now
The legal industry faces powerful and rapid changes. Mergers and acquisitions have increased the number of national and international mega law firms ' and this trend is expected to increase. Competition in local markets is fierce as large law firms open satellite offices or buy mid-sized or small firms in cities across the nation. Accounting firms are big competitors. They employ hundreds of attorneys to serve their many existing clients and to hunt for new prospects. The shrinking number of companies created by mergers and acquisitions in the business sector makes getting new clients more competitive. With a limited client base, everyone is targeting everyone else's clients and clients are demanding better service at lower prices. But most leaders are beginning to really understand this is where the profession stands. Staying at the top in such a competitive and challenging market, however, may be something that is new to many of today's law firm leaders.
The mega law firms look more and more like companies they serve with the centralized leadership and stronger hierarchal control. They are big and more bureaucratic. The attorneys become more and more like employees than owners, with less involvement in the running of the firm. This is not a bad thing. In fact, it is almost necessary for survival. Centralized leadership will always win. Lending everyone your ear is certain to cause factions, leading to fragmentation of strategy, efforts and results.
Regional Med-Sized Law Firms
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