Too Big for Their Own Good: Global Firms' Obsession with Profits Opens a Competitive Advantage for Regional Players
David T. Brown, Chair of the firm's Management Committee, authored an article for the National Law Journal titled "Too Big for Their Own Good: Global Firms' Obsession with Profits Opens a Competitive Advantage for Regional Players."
In the past year, there has been continuous debate about the future of midsize and regional law firms and whether the megafirm trend is good for clients and the attorneys who serve them. The issue remains at the forefront of the legal industry due to a variety of developments centered around money and profits as the pre-eminent measures of law firm success.
In the prevailing environment, firms often feel compelled to discuss publicly their revenues and profits per partner, and arguably have sharpened their focus on these metrics. In addition, large firms find that the need to lure young talent has required higher starting pay for associates. Billing rates continue to rise. The problem is that none of these factors delivers additional value to clients, which are left to wonder where they fall on the megafirm priority list.