March 11, 2004
Collegial to corporate: Law firms are changing, partner
- March 11, 2004
- Publication: Washington Business Journal
- Related Attorneys: Alan Mark
- Related Practice Areas: Corporate
Over the past 30 to 35 years, the practice of law has evolved from a "professional calling" - something akin to a noble intellectual pursuit of truth and fairness - to a service business.
Truth, fairness and intellctual honesty still no doubt are critical and distinguished aspects of the profession, but today in the larger metropolitan areas a law practice truly is a business. This is true not only for the national and international megafirms but also for the local two-lawyer firms.
The shifting economics have had a significant impact on a time-honored institution: partnership in a law firm.
Perhaps the single most important force driving the change is eroding profit margins.
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