American law firms used to strive to be the most prestigious, with the best clients, highest-end work, and expensive rates to match. In the new legal landscape, firms vie for a new superlative: most innovative.
In-house legal departments haven’t recovered their spendthrift ways post-recession, and predictions are that they never will. So law firms are trying to show value to these clients in new ways.
New Law Firm Models
Firms are moving beyond legal services offerings, opening legal tech and consulting subsidiaries that can both automate work and stem client runoff to alternative service providers and legal process outsourcers.
There ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.