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The Evolving Economy and Four Resulting Trends for the Legal Profession
Economic problems impacting law firms are prompting a wealth of predictions about the future. What structural changes may result from the current economic downturn for law firms and the practice of law? The following is an updated version of an article first published by Blane Prescott, Vice President with Hildebrandt, in the closing months of 2008.
The economic problems impacting law firms are prompting a wealth of predictions about the future:
- Some say the profession is undergoing a dramatic and profound restructuring and life for lawyers will never be the same.
- Others say this is just another economic downturn, like so many before, and all of the reactionary changes being announced by law firms will fall by the wayside once the economy recovers.
The truth is probably somewhere between the two extremes, but it is clear that as with most recessions, some more permanent structural changes will result. Just how much change largely depends on the duration of the downturn.
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