The New York Times has had its share of recent stories about legal education and the legal profession. This week, the Economist entered the mix.
There is nothing especially new in the article for those of us who study the legal profession and legal education, but it offers an excellent overview of some criticial legal industry trends, including globalization and advances in technology. The article is worth assigning to students in Legal Profession and Professional Responsibility courses this fall. Here are a few notable paragraphs:
Trends that were not part of the recession will not disappear with the recovery. Some will even strengthen. William Henderson of Indiana University points out just how good and how long a run lawyers had. Spending on legal services grew from 0.4% of America’s GDP in 1978 to 1.8% in 2003. The legal business grew four times faster than the economy. Now, Mr Henderson says, a “hundred-year flood” is hitting the profession. Job growth had begun well before 2008, he points out, so that the labour market was already out of balance when recession struck. Not all firms will survive, and those that do will not all prosper equally. . . .
Mr Leite suggests one way lawyers can guarantee themselves work: by becoming experts in other industries, not just areas of legal practice. Young lawyers can learn from being seconded to clients. And American law schools are slowly trying to instil some business acumen into future lawyers, though in Europe and elsewhere law remains distressingly academic.
Another much-discussed solution for teaching lawyers to be businesspeople is the creation of all-in-one professional-service firms, combining lawyers, management consultants and accountants. But this looks unlikely to succeed for many; the three professions are simply too different in their traditions, training and incentives. A liberalisation of the legal market in England and Wales will allow more non-lawyers to own parts of firms or offer certain services, but at first this is likely to affect mainly the cheaper end of the market, not the richest pickings of corporate work. . . .
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